After making tons of recent headlines in the collective sale market, property developer Oxley Holdings is set to launch its first private residential project, The Verandah Residences (former Redwood West) in 2018. And to be completely honest, it’s nothing like what Oxley Holdings have developed over the last couple years.
As a matter of fact, I was quite blown away by the scale, design and concept of this freehold new launch at Pasir Panjang. This is the 1st out of the 7 new launch projects to be launched by Oxley Holdings in 2018 and will definitely be setting the benchmark for the ones releasing after.
Here’s everything about The Verandah Residences.
The Verandah Residences Developer
Led by executive chairman Mr Ching Chiat Kwong, Singapore-listed Oxley Holdings is possibly one of the most overlooked property developers in Singapore. And with the property market in Singapore being pretty much subdued for the last few years, the Verandah Residences developer has been pretty quiet in its activities within Singapore, while placing focus on its overseas ventures in countries such as the United Kingdom (U.K) and Cambodia.
Before that, developer Oxley Holdings has been very active in Singapore’s real estate market – introducing several new launch projects, such as Midtown Residences, KAP Residences, and The Rise @ Oxley, which were mostly well-received by property buyers.
The Verandah Residences Location
Being known as the former Redwood West, the Verandah Residences is located at 231 Pasir Panjang Road, Singapore 117629 and it’s just approximately 500 metres to the nearby Haw Par Villa MRT Station.
For drivers, things can’t get any better. The Verandah Residences’ location is well-connected via the Ayer Rajah Expressway (or AYE) and also the West Coast Highway – thus driving to the major business centres such as the Central Business District (CBD) will take around 10 minutes (yes, not taking traffic jams into consideration) and 4 minutes to Science Park II.
As for amenities, residents are just minutes’ walk away to various fast-food restaurants, convenience stores and close distance to a wide selection of shopping malls – such as VIVO City, ARC and West Coast Plaza.
The Verandah Residences Condo Facilities
Designed by the renowned DP Architects who brilliantly crafted architecture masterpieces such as the Esplanade, MediaCorp Headquarters at One-North and Grand Park Orchard, the Verandah Residences has been inspired with the black-and-white theme – giving the Pasir Panjang residential precinct as a fresh perspective of an evergreen classic colonial-style architectural design.
Not just the exterior, everything seems to be well thought of within the Verandah Residences condo itself; a 40-metre lap pool, a relaxation deck, gym, an outdoor dining, and barbecue pavilion -it’s pretty much what a homeowner should expect within a decent-sized private residential development.
Despite being a low-rise condominium, the highlight for me would probably be the Sky Lounge where you get to be above all the hustle and bustle – a rather impressive ground for getting together with friends, guests or relatives.
The Verandah Residences Floor Plan and Unit Types
Sitting on a land area of around 89,622 square feet, the Verandah Residences comprises of 170 units in total, spreading across 4 residential blocks of 5-storey tall each and will be expected to receive its Temporary Occupation Permit (TOP) by the end of the year 2023.
It has a wide range of unit types from 1-bedroom to 4-bedroom apartments – including strata landed houses. The following are the Verandah Residences floor plan and unit sizes.
- 1-Bedroom (452 to 527 sqft)
- 1-Bedroom + Study (603 sqft)
- 2-Bedroom (646 to 743 sqft)
- 3-Bedroom (904 to 969 sqft)
- 3-Bedroom Premium (990 to 1,087 sqft)
- 4-Bedroom (1249 to 1292 sqft)
- 4-Bedroom Strata Landed (2,174 sqft)
The Verandah Residences Price Guide
According to earlier reports, the Verandah Residences price indication is around S$1,800 per square foot (psf) on average. Here’s the price guide for each unit type:
- 1-Bedroom from S$8xx,000
- 1-Bedroom + Study from S$1.1 million
- 2-Bedroom from S$1.2 million
- 3-Bedroom from S$1.7 million
- 4-Bedroom from S$2.2 million
The Verandah Residences Price Analysis and Comparison
Since late 2012, there have been quite a couple of residential projects being launched – with most being smaller in scale when being compared to Verandah Residences.
It was mentioned by developer Oxley Holdings that it will be priced realistically, so how does Verandah Residences price point line up against some of these earlier projects?
|PROJECT||TENURE||NO. OF UNITS||COMPLETED||AVERAGE PSF (S$)|
|VILLAGE @ PASIR PANJANG||FREEHOLD||148||2016||1,499|
|24 ONE RESIDENCES||FREEHOLD||24||2020||1,698|
|THE VERANDAH RESIDENCES||FREEHOLD||170||2023||~1,800|
The Verandah Residences Showflat
The Verandah Residences showflat will be located off-site along South Buona Vista Road – right next to Vista Park condominium and opposite Bayville.
For showflat opening hours, do feel free to drop us a note or contact us at (+65) 6631-8384 so that to avoid making a wasted trip down.
The Verandah Residences Review
With 2018 possibly being the most exciting year for the real estate market in Singapore since the downturn began during mid-2013, the Verandah Residences will be the first to test out the pent-up demand for city fringe new launch projects. And here’s our Verandah Residences review.
As you’ve seen from the earlier stats, the total supply of private homes in the Pasir Panjang precinct within the last 5 to 6 years have been rather subdued – with only around 686 units (including the 170 units in this one) being constructed. If you’ve been watching the real estate market, this is so much lower than some of the other city fringe districts.
Property prices are mainly driven by the result of ‘demand vs supply’ and most of the new launch projects at Pasir Panjang have been fully sold, except for The Orient and Bijou (to-date of this review). That probably explains the surge in property prices within this area – by approximately 20% since Village @ Pasir Panjang was launched.
Another reason for the strong demand for properties in Pasir Panjang would be the upcoming plan for the Greater Southern Waterfront City.
Extracted from the Urban Redevelopment Authority’s (URA) website, the Pasir Panjang Terminal will be moved to Tuas and thus free up around 600 hectares of land for government’s redevelopment plans for the southern waterfront after 2030.
Of course, speculations are saying that it could be Singapore’s 3rd integrated resort (IR) – something that’s even more exciting than the current Marina Bay precinct and Sentosa Island, but nothing has been officially announced.
If you’ve analyzed the URA Master Plan 2014, you will see that land parcels in the Pasir Panjang area mostly have a gross plot ratio of 1.4, meaning that the maximum height of the real estate developments in the area is limited to just 5 storeys tall.
The possible reason being Pasir Panjang Terminal is one of the key installations in Singapore and nothing should be overlooking the compound. Once the ‘restriction’ is being lifted or there are adjustments being made to increase the plot ratio within the area, it will really spell great potential in property prices in Pasir Panjang.
Home buyers or investors looking at the Verandah Residences will definitely be drawn into the possibility of being within close proximity to one of the key “playgrounds” in Singapore. And being a freehold property, it probably doesn’t matter if owners have to wait a decade or more before things are materialized for the southern waterfront city as the land tenure is not a concern.
So at an average of $1,800 psf, is Verandah Residences really worth it?
Honestly, I feel that it is indeed fairly priced – considering the fact that it’s a freehold project in the city fringe and located within close proximity to a MRT station, it’s really not a bad choice when you are comparing Verandah Residences to the previous new launch projects or other freehold ones in the city fringe. Furthermore, the unique black and white theme certainly makes this development stands out among the rest and attention from prospects in future when it’s completed.
However, you are looking at a unit at here for own consumption, the layout of the units doesn’t really give you the wow factor. The balconies are really huge (unless you are a big fan of balcony spaces) and the spaces for wardrobe are really minimal (even for a master bedroom). Just look at the Verandah Residences floor plan and you’ll see what I mean.
On top of that, the development is situated just next to the busy West Coast Highway where you will expect heavy traffic – especially from container trucks and hauliers, which may make this Pasir Panjang new launch hardly conducive to a relaxed and atmosphere.
The Verandah Residences is, overall, still a decent project to consider – whether you are looking at it based on the current market situation or its possible potential to appreciate in future. Like any other new launch projects in Singapore, this condo is packed with different forms of ‘carrots’ that compel property buyers to commit. So it’s just a matter of how this property fits into your budget and objectives.