All 170 units of Oxley Holdings' The Verandah Residences have been sold within three months of its official launch on April 7, the property developer said yesterday.
Sales from the residential project, the first of four such projects Oxley has launched this year, yielded a total revenue of $248.8 million.
Oxley, which bought the 89,620 sq ft freehold site in July last year for $964 per sq ft per plot ratio, sold the units at an average price of $1,795 psf. The project at 231 Pasir Panjang Road comprises 167 apartments in four five-storey blocks, and three strata houses.
It is situated close to MRT stations, major shopping malls, a wide range of food and beverage outlets, and recreational facilities like The Southern Ridges and Kent Ridge Park.
Oxley Holdings executive chairman and chief executive Ching Chiat Kwong said the sales proved that there was a strong demand for quality projects. "In return, we will deliver the project in good quality and on time."
Mr Ching noted that the property developer's four residential projects launched this year cater to different tiers of residential demand, with each one requiring different sales strategies.
Sales progress has been very healthy overall, and Oxley will strive to replicate its success with The Verandah Residences in other upcoming launches, he said.