Singapore Property | Oxley Holdings are set to preview its 5th and newest project in the weekend of June 23 and 24. Located at Hougang Avenue 7, this project is one of the most ambitious projects of the company yet, in fact, it is the largest this year in terms of the number of units at 1472. To go with that, Riverfront Residences will be composed of nine 17 floor apartment blocks with 21 houses and six strata establishments.
The site of Riverfront Residences is the same site that housed Rio Casa, an 86-unit estate held by HUDC, after Oxley holdings partnered up with KSH Holdings and the Lian Beng Group property development arm, SLB Development. The set was purchased for the price of $783 Million.
Riverfront Residences price will start at the region of $1200 psf are to be priced comfortably for the both the company and the clients as the site was purchased just right before land prices surged up.
“I don’t think we will see any new projects being launched in the price range of $1200 to $1300 psf for some time,” as the deputy CEO of Oxley Holding, Eric Low, put it.
True enough, major suburban project launches have been tagged at prices exceeding the $1300 mark and increasing such as in the case of The Tapestry at Tampines which featured prices at around $1310 but has never looked back since with increases reaching $1354.
Furthermore, West Coast Vale’s Twin Vew were sold at an average price of $1399 psf during its opening weekend whereas Affinity at Serangoon had units priced at $1558. The Garden Residences are yet to be beaten as the highest prices units at $1641 in early June.
Built for the Demand
Riverfront Residences, in comparison to its Oxley-led consortium counterparts such as Affinity, was positioned differently to cater to different demands. While Affinity redeveloped what was once the Serangoon Ville, Riverfront Residences is just around the HDB estates in Hougang, Upper Serangoon View, Punggol, and Sengkang.
With this, Low expects Riverfront Residences to appeal to HDB upgraders. Thinking positively for the road ahead, Low said that these en bloc beneficiaries can start shopping for replacement home right after they get proceeds and this will keep new house sales buying at its peak.