Buyers waiting for their numbers to be called during the balloting process at Kent Ridge Hill Residences’ showflat. (Photo: Oxley Holdings)
Kent Ridge Hill Residences, a residential project by Oxley Holdings in 50 South Buona Vista Road, has sold 116 units or over 46 percent of the 250 homes released for sale in just two days after it was launched on Saturday (10 Nov).
According to an SGX filing on Monday (12 Nov), 80 percent of the units taken up consisted of one- and two-bedroom apartments. The remaining 20 percent were three-bedders, five-bedroom penthouses and strata landed homes.
These were sold at an average price of $1,700 psf. Around 80 percent of the buyers are Singaporeans, while the rest are permanent residents (PRs) and foreigners.
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Located near the 1,000ha Greater Southern Waterfront site and an eight-minute walk to Pasir Panjang MRT station, the 99-year leasehold development consists of 498 private condos and 50 strata landed houses.
Aside from having good accessibility to public transport as well as educational hubs and business centres, the residential project comes with various facilities.
“Situated next to the Kent Ridge Park and surrounded by landed properties and low-rise apartments, residents at Kent Ridge Hill Residences will enjoy an exclusive, luxurious and serene lifestyle. With (its) launch, we are one step closer to our sales target of 2,000 units in 2018,” said Oxley Holdings’ Executive Chairman and CEO Ching Chiat Kwong.
He noted that the development was strongly received by buyers despite the imposition of new property cooling measures on 6 July. One reason for this is the more attractive pricing.
“The cooling measures imposed by the Singapore government have achieved its objective in softening home buyers’ sentiments. Fortunately, Oxley’s strategy in acquiring land parcels at competitive prices in previous years has allowed the group flexibility in pricing our projects. With our competitively lower costs, we are confident of achieving our sales targets,” Ching said.
Meanwhile, Oxley Holdings’ revenue fell by 45 percent year-on-year to $170.3 million in the first quarter ended 30 September 2018 due to softer contributions from the developments in Singapore and the UK. Consequently, net profit slumped 83 percent to $8.06 million.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
