Nearly half of Kent Ridge Hill Residences units sold at official launch

ALMOST half of the 250 units at Kent Ridge Hill Residences were sold at its official launch last weekend, said home-grown property developer Oxley Holdings.

A total of 116 units at the five-storey property along South Buona Vista Road were snapped up on Saturday and Sunday, Oxley said in a news release on Tuesday.

The average price of the units sold was S$1,700 per square foot. Eighty per cent of the units sold comprised one-bedders, one-bedroom and a study, and two-bedroom units.

The remaining 20 per cent were three-bedroom units, five-bedroom penthouses and strata landed homes. Four out of every five buyers were Singaporeans, and the rest were permanent residents and foreigners.

Kent Ridge Hill Residences, a 99-year leasehold development, sits on a 319,250 sq ft site. Oxley described it as being an eight-minute walk to Pasir Panjang MRT station, and nestled within a private residential enclave. When completed, it will have a total of 548 units – 498 private condos and 50 strata landed houses.

“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,” said Oxley’s executive chairman and chief executive officer Ching Chiat Kwong.

“With this launch, we are one step closer to our sales target of 2,000 units in 2018,” he added.

On Monday, Oxley Holdings’ first-quarter net profit fell 83 per cent year-on-year to S$8.06 million.

Revenue was 45 per cent lower at S$170.3 million due to softer revenue contributions from projects in the UK and Singapore. Earnings per share for the three months ended Sept 30 fell to 0.2 Singapore cent, down from 1.26 cents previously.

The counter closed at 30 Singapore cents, down a cent, on Wednesday.

This article first appeared in The Business Times on 15 Nov 2018.