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Oxley sells 76% of The Verandah Residences at S$1,815 psf average at launch

OXLEY Holdings sold 129 units, or 76 per cent, of the 170-unit The Verandah Residences over the weekend launch of the freehold condominium near the South Buona Vista neighbourhood.

The units were sold at an average of S$1,815 per square foot (psf).

Oxley said that demand was particularly strong for the one- and two-bedroom units in the project, which comprises 167 apartments and three strata houses. All one-bedroom, one-bedromo with study, two-bedroom and two-bedroom premium units were sold out at the launch.

Of the buyers, 85 per cent were Singaporeans, while the remaining 15 per cent comprised permanent residents and foreigners.

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The site sits at the junction of South Buona Vista Road and Pasir Panjang Road. Oxley purchased the 89,620 sq ft site in July 2017 for S$121 million, or S$964 psf per plot ratio. The project is expected to be completed in the fourth quarter of 2023.

"The market response to the Verandah launch has been very encouraging. There were a lot of enquiries for the project before the launch, and the sales progress proved that the pent-up demand was real, especially for quality projects with excellent location and reasonable prices," Oxley chairman and chief executive Ching Chiat Kwong said in a statement.