Kent Ridge Hill Residences Sells 116 Housing Units

OxleyHoldings has sold 116 units of apartments at their new residential development,Kent Ridge Hill Residences, located at 50 South Buona Vista Road.  This massive forty-six percent sale comesjust two days after the November 10th launch of the development.

Detailsfrom an SGX filing on 12th November reports that eighty percent ofthe sold housing units were single or two bedroom apartments, while threebedroom apartments, strata landed homes and five bedders penthouses consistedthe remaining twenty percent.

Going for an average market price of $1,700 psf, the buyers were eighty percentSingaporeans and twenty percent foreigners and permanent residents (PRs).

The99-year leasehold real estate development is located at an eight minutes walking distance from Pasir Panjang MRT station, and very close to the 1,000haGreater Southern Waterfront site. It comprises of 50 strata landed houses and498 private condominiums, well equipped with state-of-the-art facilities.

Thelocation of the development gives residents access to good public transport,business centers and educational hubs.

Kent Ridge Hill Residences is located in a luxurious serene environment, just next to the Kent Ridge Park, and shares neighbourhood with other landed properties and low-rise apartments.

According to the CEO of Oxley Holdings, Ching Chiat Kwong, these massive forty-six percent sales brings the company closer to its target of selling two thousand units in 2018.

Mr.Kwong applauded the enthusiasm with which buyers received the development despite the 6th July cooling measures, noting that this is because of the attractive prices of the apartments.

Admitting the fact that the cooling measures, which the Singapore government imposed to so often the sentiments of home buyers, have so far achieved its aims. Mr. Kwongrevealed that the company’s prudent strategy of purchasing lands at affordable prices the previous neighbourhoods it gave them the leverage to pitch the pricing of the development at a flexible rate.

He further expressed optimism that with the low prices of the development, the company is sure of meeting its target.

It will be recalled that in the first quarter which ended 30th September, Oxley Holdings’ revenue suffered a 45% loss year-on-year to $170.3 million, due to expenses incurred from softer developments in the UK and Singapore. This slashed the company’s net profit by 83 percent to $8.06 million.