112 Affinity at Serangoon units sold over the weekend

Tue, Jun 05, 2018

Navin Sregantan

AFFINITY at Serangoon, a development by a consortium led by mainboard-listed Oxley Holdings, sold 112 of the 300 units offered in Phase I over its official launch weekend on June 2-3. They were sold at an average price of S$1,575 per square foot (psf), the developer said on Monday.

Affinity is a 99-year leasehold development comprising seven blocks with 1,012 one- to four-bedroom apartments and 40 strata landed houses.

The 27,584 square metre site is located at the former HUDC estate Serangoon Ville at Serangoon North Avenue 1, which was purchased by the consortium in July 2017 at S$835 psf per plot ratio. Affinity has a gross floor area of 77,235 sq m and an estimated gross development value of S$1.4 billion.

Of the units sold in Phase I, Oxley said that they were evenly spread out across all unit types, with Singapore citizens making up 80 per cent of all buyers and the rest permanent residents and foreigners.

Oxley has a 40 per cent stake in the consortium while the remaining stake is split equally among Lian Beng Group, Unique Invesco Pte Ltd and Apricot Capital. Unique Invesco is a 37.5 per cent indirect associate of KSH Holdings; Apricot is the private investment firm of Super Group's Teo family.

Ching Chiat Kwong, executive chairman and chief executive officer of Oxley, said: "Affinity offers good value for money given its convenient location, efficient use of space and a wide range of facilities. It's particularly suitable for and attractive to homebuyers."

"In fact, we saw strong demand from former Serangoon Ville residents who are keen to live in their familiar area, and now also have the purchasing power to upgrade for themselves and younger generations."

Oxley shares closed S$0.015 or 3.3 per cent down at S$0.445 on Monday before the announcement.