SINGAPORE (June 4): Oxley Holdings says JV unit Oxley Serangoon sold 112 units out of the 300 units at Affinity at Serangoon during its Phase 1 launch over the weekend.

The average price for the units sold was $1,575 psf and from across all unit types, says Oxley in a Monday night filing. Eighty percent of the buyers were Singaporeans with the remaining 20% made up of PRs and foreigners.

Affinity is a 99-year leasehold development comprising seven blocks with 1,012 one- to four-bedroom apartments and 40 strata landed houses.

Oxley and three JV partners acquired the 27,584 sqm site through the enbloc purchase of the former HUDC estate Serangoon Ville at Serangoon North Avenue 1 in July 2017, for $835 psf per plot ratio.

Oxley-led JV to buy former Serangoon North HUDC estate for $499 mil

Oxley owns a 40% stake in Oxley Serangoon, while Unique Invesco, Lian Beng (Serangoon), and Apricot Capital each owning 20% of the joint venture company. Unique Invesco is an associate of KSH Holdings and Heeton Homes, a subsidiary of Heeton Holdings.

Affinity has a Gross Floor Area of 77,235 sqm and estimated Gross Development Value of $1.4 billion. Oxley has a 40% stake in the Affinity project.

The development will also provide five retail shops within the development and 88 facilities for leisure and exercise. The 40 exclusive strata landed houses are designed with high ceilings to let in natural light above the dining area.

Shares in Oxley closed 1.5 cent lower at 44 cents.