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The Verandah Residences yields revenue of S$249m for Oxley
All 170 units of Oxley Holdings Limited's The Verandah Residences have been sold within three months of its official launch on April 7, the property developer announced on Wednesday.
Sales from the residential project, the first of four such projects that Oxley has launched this year, yielded a total revenue of S$248.8 million. Oxley purchased the freehold site for an average price per square foot (psf) of S$964 per plot ratio, and sold the units at S$1,795 psf.
It has 100 per cent stake in the project, which is located at the former 231 Pasir Panjang Road and comprises 167 apartments in four blocks, and three strata houses.
Oxley Holdings executive chairman and chief executive Ching Chiat Kwong said that the sales prove that there is a strong demand for quality projects with superb locations as well as buyers' trust in Oxley's brand name. "In return, we will deliver the project in good quality and on time," he added.