Oxley sells all 170 units in The Verandah Residences

Oxley sells all 170 units in The Verandah Residences
Dated: 27-Jun-2018

Units were sold at an average of $1,795 psf.

The Verandah Residences has achieved 100% sales of its 170 units within three months since its official launch on 7 April 2018, Oxley Holdings said. Average price for the units was at $1,795 psf.

According to an announcement, the Freehold development comprises 167 apartments in four blocks of five-storey buildings and three strata houses. It achieved total revenue of $248.8m for the company.

Oxley purchased the 89,620 sqft site at the former 231 Pasir Panjang Road in July 2017, for $121m, or $964 psf ppr. Oxley has 100% stake in the project.

Oxley executive chairman and CEO Ching Chiat Kwong commented, "So far we have launched four residential projects in Singapore in 2018, and overall the sales progress has been very healthy. Our projects cater to various tiers of the residential demand, and this requires us to take a pragmatic approach in deriving sensible, optimal sales strategies for each project to realize its value."

Source: Singapore Business Review