Oxley's The Verandah Residences 76% sold at launch at average $1,815 psf

Oxley's The Verandah Residences 76% sold at launch at average $1,815 psf

Stanislaus Jude Chan
09/04/18, 12:37 pm

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.

Counsel argue over how witnesses' conditioned statements were prepared and used

SINGAPORE (May 27): The prosecution and defence in the 2013 penny stock crash trial on May 23 crossed swords over how conditioned statements had been prepared and the relevance of questions raised in the cross-examination of these statements. Deputy public prosecutor Peter Koy said questions by the defence counsel for alleged co-conspirators John Soh Chee Wen and Quah Su-Ling were a “distraction from the facts”. “Questions as to what was shown to the witness, what trade and telephone data was shown to the witness and which data was filtered and shown to the witness are irrelevant t....


SINGAPORE (May 27): “We believe that the president of the US is engaged in a cover-up.” — US House Speaker Nancy Pelosi, following a meeting with other Democratic Party leaders on whether or not to impeach US President Donald Trump. Singapore and Malaysia suspend intercity rail project The construction of a $1.4 billion rail project linking Singapore and Malaysia’s southern state of Johor has been suspended until Sept 30. The move, which was announced on May 21, was mutually agreed to by both of the countries’ transport ministers. “This does not mean we are terminating the....

Entropica Labs aims to provide insights for health sciences using quantum computing

SINGAPORE (May 27): Quantum computing used to be considered a technology bordering on science fiction. But thanks to recent developments in the field, this next generation of computing is now closer to reality than before. This is opening up possibilities for many practical applications that have attracted the attention of both large corporations and entrepreneurial start-ups. One of the start-ups is Entropica Labs, which aims to develop quantum computing software to solve complex problems in the field of molecular biology. This would provide doctors with a better understanding of human phy....