SINGAPORE (Apr 9): Oxley Holdings has sold 76% of the 170-unit The Verandah Residences at its official launch over the weekend on Apr 7-8.

The average price for the 129 units sold was $1,815 per square foot (psf). All one-bedroom, one-bedroom with study, two-bedroom, and two-bedroom premium units were sold out.

Located at the junction of Pasir Panjang Road and South Buona Vista Road, the freehold development designed by DP Architects comprises 167 apartments in four blocks of 5-storey buildings, and three strata houses.

Oxley in July last year acquired the 89,620 sq ft property for $121 million, or $964 psf per plot ratio.

See: Oxley to buy Pasir Panjang property for $121 mil

The Verandah Residences 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,” says Ching Chiat Kwong, Oxley’s executive chairman and CEO.

“We have a strong project pipeline in Singapore. Riding on the upbeat market sentiment, Oxley is in a favourable position to supply more good quality residential projects to meet market demand, and to bring our business to the next level,” he adds.

The Verandah Residences was Oxley’s first launch this year. The group plans to launch more projects, including developments at the Rio Casa and Serangoon Ville sites, over the next few months in 2018.

As at 12.30pm, shares of Oxley are trading flat at 47.5 cents.