Brisk sales seen at two new launch projects over weekend


Oxley Holdings’ Verandah Residences, a new launch private residential project in Pasir Panjang took off on its 1st day of sales over the last weekend (on Saturday), with 129 out of 170 units sold over 2 days – at an average per square foot (psf) price of $1,815.

All the 1-bedroom, 1-bedroom plus study, 2-bedroom and 2-bedroom premium units are all fully sold at Verandah Residences.

The Verandah Residences Condo Facade

It was mentioned by Oxley Holdings that the strong demand mainly came from home buyers and property investors – around 85% of them were Singaporeans, while the rest being Singapore Permanent Residents (SPRs) and foreigners.

On the other hand, Lendlease sold 149 out of 219 units in its Phase 2 launch of Park Place Residences at Paya Lebar – at an average of $2,000 psf, bringing the total number of units sold in the 429-unit Park Place Residences to 359.

Park Place Residences PLQ Showflat Crowd

The first launch, in fact, took place back in March 2017 when Lendlease was able to sell out all 210 units released in Phase 1 within a single day before closing its showflat. Prices at that time were only averaging around $1,806 psf – marking an approximate 10% increase in prices for the Phase 2 launch of Park Place Residences.

It was noted by market watchers that the strong take-up rates in both new launch projects are testaments that the home-buying demand is strong and other property developers will find this encouraging for them to sell their own new launch projects at expected prices.

Since the announcement of a 3.1% quarter-on-quarter price increase in the private residential sector by URA earlier this month, consultants believed that the property price index could possibly surge from the initial estimate of 3% – 8%, eventually rising to 7% – 15%.

Next up, all eyes will be on UOL Group as it prepares to open the showflat of its 139-unit Amber 45 for preview. It was mentioned that the developer is expecting to launch the freehold Amber 45 at an average psf of $2,300.

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