Oxley targets younger homebuyers

By Bong Xin Ying

/ EdgeProp Singapore |

April 19, 2019 4:00 PM SGT

In just a year, Singapore-listed property group Oxley Holdings has proved itself to be a powerhouse, launching new projects one after another. Since April 2018, Oxley has launched nine development projects, and the response from buyers has been “overwhelming”, according to the group’s February announcement on the Singapore Exchange.

With more than 1,700 units sold in residential projects in Singapore, Oxley has amassed total sales of $1.926 billion, it said in a February corporate presentation. The numbers have gone up since, especially after the group launched its latest mixed-use development, 1953, last month.

Three of the group’s projects – The Verandah Residences, Sixteen35 Residences, and Sea Pavilion Residences – are fully sold.

On the night before cooling measures kicked in, Riverfront Residences moved over 500 units (Credit: Samuel Isaac Chua/ The Edge Singapore)

Focus on design

Homebuyers are “more well-informed and well-travelled nowadays”, and they are “looking for more than a private condo address, but a home which truly reflects their lifestyle, aspirations and needs”, an Oxley spokesman tells EdgeProp Singapore. “We need to look into every detail when [developing] new projects, from architecture, facilities, to layout, to create the best user experience for our target market,” it adds.

Oxley’s focus is on architectural design, with emphasis on functional layouts and quality finishes. According to the group, each of the 10 projects launched since 2018 has its own character. For instance, The Mayfair Collection is designed by DP Architects, and is said to be inspired by the Georgian architecture in London’s prime Mayfair district. Mayfair Collection is made up of the 215-unit Mayfair Gardens and the 171-unit Mayfair Modern. More than 130 units at Mayfair Gardens have been sold since its launch last October, with average price at $1,934 psf.

At Kent Ridge Hill Residences, the 548-unit development is designed by the acclaimed ADDP Architects. It was inspired by American master architect Frank Lloyd Wright, who once said: “No house should be ever on a hill or on anything. It should be of the hill. Belonging to it. Hill and house should live together and each the happier of the other.” As Kent Ridge Hill sits on a sloping terrain 10m above street level, the development was designed to integrate with the surrounding nature.

Oxley’s eighth new development, Kent Ridge Hill Residences is just in front of 47ha Kent Ridge Park (Credit: Oxley Holdings)

Located on South Buona Vista Road, off Pasir Panjang Road, Kent Ridge Hill sold 110 units out of 250 released on Nov 10, the first day of launch.

To attract younger buyers, smart-home features have been added to most of Oxley’s projects, it says. This allows “young IT savvy clients to seamlessly enjoy their home and facilities via mobile apps”, it adds. At Mayfair Gardens, units will be fitted out with smarthome features — such as Smarthome Gateway, which works with other smart-home devices — and a doorbell that sends an alert to the homeowner’s smart device. Four-bedroom units and penthouses will also come with a voice-controlled device.

Push from government policies

Oxley also launched two mega projects, the 1,052- unit Affinity at Serangoon and the 1,427-uinit Riverfront Residences in the northeastern part of Singapore last year.

Last July 5, the government announced that it will be raising additional buyer’s stamp duty (ABSD) rates and tightening the loan-to-value (LTV) limit, measures that kicked in from July 6. On the July 5 night itself, the launch of Riverfront Residences at Hougang Avenue 7 was brought forward by two days from the initial July 7. It was also the project that saw the most units transacted overnight, with more than 500 sales, and prices in the $1,200 to $1,300 psf range. The project is currently 64% sold.

Meanwhile, on Jan 25, the locations of the 12 new stations for the first phase of the Cross Island Line were announced by the Land Transport Authority (LTA). The first phase of the Cross Island Line is scheduled for completion in 2029, and despite the long time lapse, Oxley saw sales at Affinity at Serangoon during the weekend of Jan 26 and 27. Buyers of the development will benefit from the convenience, with Serangoon North MRT Station just a street away, and one of the exits right at the doorstep. According to caveats lodged with URA Realis, sales at the development have been consistent, and as at April 15, 491 units (about 47% of the total project) have been sold at an average price of $1,507 psf.

Affinity at Serangoon now has an added convenience of having an MRT station at its doorstep, after the announcement of the Cross Island Line on Jan 25 (Credit: Allbert Chua/ The Edge Singapore)

1953

1953, a mixed-use development located on the corner of Balestier Road and Tessensohn Road, was launched over the weekend of March 9 and 10. Oxley said that a total of 22 residential and three commercial units were sold that first weekend. The residential units fetched an average price of $1,875 psf, while the commercial units were sold at an average of $3,200 psf.

The boutique development contains 72 units, of which 58 are apartments and 14 are strata commercial units. The freehold development contains a conserved two-storey shophouse integrated with a new six-storey block. Park+Associates is the appointed design architect, with Ecoplan as the landscape architect. The project’s interior designer is 2nd Edition.

The 14 retail units at 1953 have sizes ranging from 366 to 786 sq ft, while the 58 apartments are a mix of studios and one- to five-bedroom units, from 441 to 1,658 sq ft. The apartments in the eight-storey block will be priced from $1,800 psf, and some units are also located within the conservation shophouses.

The freehold 1953 contains a conserved two-storey shophouse integrated with a new six-storey block (Credit: Oxley Holdings)

The development is within a 10-minute walk to the City Square Mall, which is integrated with the Farrer Park MRT Station. It is also near the Boon Keng MRT Station. Both stations are on the North East Line.

Oxley says it is “constantly on the lookout for potential development”. It adds: “1953 has been a success and we would definitely be open to explore such development again should the opportunity arise.” According to the developer, there are still many buyers in Singapore looking to “upgrade and fulfil their condo dream” and there will always be high demand for private residential projects that are “in good location with good facilities”.

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