Singapore Property | Serangoon area saw the launches of two new developments that sold a combined total of over 170 units. This was in phase one sales that took place over the weekend.
Affinity at Serangoon moved the larger number of units with 112 units being sold. This is nearly half of the available 300 units at the development. More than 60 units moved at the Garden Residences. The two Serangoon North Avenue 1 properties are on 99-year leaseholds.
The Affinity at Serangoon project sold its 112 units at a price of $1,575 psf on average. The Garden residences realized a slightly higher psf price, reaching $1,660 on average. At Affinity, Singaporeans made up the bulk of buyers with 80%. The other 20% was made up of permanent residents and foreigners. The Affinity development is in seven blocks. It offers 40 strata landed houses and apartments with between one and four bedrooms. Space ranges from 463 square feet to 1,453 square feet.
Amenities near Affinity are Serangoon Garden Market, Chomp Chomp Food Centre and the Nex Shopping Mall. Education for residents and their children is not left out; several schools are in the area. They include The French School, Rosyth School and Nanyang Junior College.
The site on which The Affinity development sits was formerly occupied by Serangoon Ville HUDC estate. It has 296,193 square feet of space. It was sold en bloc in July last year at a land rate of $835 psf per plot ratio. The total amount paid was $499 million. An Oxley-led consortium is behind the development.
CEO Ching Chiat Kwong revealed that former Serangoon Ville residents were very interested in the new Affinity development. The residents were keen to live in a familiar area and have the purchasing power. This was noted in both older residents who are looking for an upgrade to themselves and younger generations too.
The Garden Residences project is spread across five towers. Each tower has 15 stories with one-to-five bedroom apartments measuring between 452 to 1,981 square feet. There are 613 units in total. The development is extensively landscaped. It is expected to be ready before 2021.
More new launches in year 2018 can be found at Belgravia Green, a Freehold strata landed, Jade Scape, a District 20 mega new launch near Marymount MRT and Realty Park Villas, a landed development in District 19.