Singapore based property developer Oxley Holdings is going to preview its latest project, Riverfront Residences, over the weekend of June 23 and 24. This is a 99-year leasehold development on Hougang Avenue 7. This becomes Oxley’s fifth project of the year.
Riverfront Residences Singapore is going to be comprised of 1,472 units, having 17-storey blocks of apartments. Also, it is going to have 21 stratums of landed houses along with six strata commercial centres. Riverfront Residences is considered the biggest project of the year by Oxley, from some unit point of views.
Riverfront Residences is established at the site of former Rio Casa; a 286-unit privatised HUDC estate. Oxley Holdings purchased the site along with its joint-venture partners KSH Holdings, SLB Development (noted property development wing of Lian Beng Group) and Apricot Capital (the investment arm of the Teo family of Super Group). The price at which it purchased Rio Casa in May last year was $783 million, which indicates that the cost of land is $706 psf ppr, which includes additional premium and lease top-up premium.
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Cost of Projects:
Because the Oxley had bought the property in 2017 prior cost of lands grew, it is believable to see the way they are evaluating the units at Riverfront Residences in a very competitive fashion, starting from $1,200 psf.
According to Eric Low, deputy CEO of Oxley Holdings, “I don’t think we will see any new projects being launched in the price range of $1,200 to $1,300 psf for some time”.
In the modern scenario, the introduction of prominent suburban properties has been priced at more than $1,300 psf. The opening noteworthy suburban project of the year was The Tapestry in Tampines, of which the average price post-launch at the end of March was $1,310 psf. The average cost has grown to $1,354 psf since then.
Talking about Twin View on West Coast Vale, the average cost of each unit sold at the opening weekend it was launched in May was $1,399 psf. On the other hand, the average cost of the unit at which it was sold was $1,558 psf, at Affinity at Serangoon. At The Coming to Garden Residences, the average price of units sold in early June was $1,641 psf.
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Each of the Projects Thoroughly Distinguished:
The Oxley-led consortium behind Affinity at Serangoon also holds the credit of developing Riverfront Residences. According to Oxley, both the projects have been established separately. The 1,052-unit Affinity at Serangoon is a rejuvenated project of the earlier Serangoon Ville privatised HUDC estate. The site was purchased in July 2017 by the consortium, a couple of months post buying Rio Casa. The cost delivered for Serangoon Ville was $499 million ($835 psf ppr).
As per the statistics are given by Oxley, 123 of 300 units released at Affinity at Serangoon have been sold after it being launched on June 2. According to caveats lodged, more than 1/3 of the units sold were three-bedroom units, ranging from 850 sq ft at Affinity at Serangoon. These properties were priced at more than $1.3 million. On the other hand, the strata projects of four-bedroom, spanning 2,067 sq ft were sold at a cost ranging from $2.33 million to $2.38 million.
Low of Oxley says- “Affinity at Serangoon is near the Serangoon Gardens private housing estate”. “Buyers are therefore looking for spacious units, and the three-bedroom apartments were among the most sought-after.”
The location of Riverfront Residences is in the vicinity of the HDB estates in Hougang, Upper Serangoon View, Punggol and Sengkang. This is the reason that Low of Oxley hopes that most of the buyers to be premium buyers. No news of any fresh project introduction of a private condominium in this zone since the 1,165-unit Kingsford Waterbay on Upper Serangoon View, in more than three years past.
Though it’s a fact that the launch of Riverfront Residences has occurred only post one month of Affinity at Serangoon, according to Low of Oxley, no clash or competition of sales between the two projects is going to happen. According to Low, “Riverfront Residences is a different project. I don’t believe we are dipping into the same pool of buyers as those at Affinity at Serangoon”.
Huge Sales To Boost Demand:
Oxley is aimed at introducing Riverfront Residences in a very near future, on the weekend of July 7 and 8. The developer is going to launch around 500 units. As per Eugene Lim, Oxley’s director of marketing and sales, seventy per cent or even more of the units within the project provide either a straight or indirect sight of the river. The other project is going to provide sight of the swimming pool, the verdant of the public parks nearby, according to him.
Around 900 units at Riverfront Residences are going to be either one or two bedroom projects. The rest of the projects are expected to be three or five-bedroom projects. The cost of one-bedroom projects beginning of 463 sq ft is going to start from $578,000 ($1,248 psf). The cost of projects with double bedrooms of 603 sq ft is going to start from $755,000 ($1,252 psf). On the other hand, the cost of projects with three-bedrooms is going to start from $1.07 million ($1,227 psf), comprising of 872 sq ft. The high-end three-bedroom units of 1,066 sq ft are going to be priced, starting from $1.26 million ($1,182 psf). Similarly, the four-bedroom projects are going to start from 1,410 sq ft, the cost of which is going to start from $1.68 million ($1,191 psf).
According to Lim, the costs of the projects of three bedrooms can be compared to those of executive classes.
Oxley is pretty relaxed about the Riverfront Residences Price, hoping it to be the prime factor of attraction for property buyers. According to Low, a total of 33 en blocs are available for sales, the total worth of which was $8.7 billion last year. During the initial half of the year itself, 30 en bloc projects have been sold at the cost of more than $9.5 billion. Low says- “This is unprecedented”. “When many of these en bloc beneficiaries start shopping for a replacement home after they get their proceeds, this will keep the new-home sales buying momentum going. It will help the residential market maintain a healthy equilibrium.