The full article can be found in The Business Times, Top Stories Section, Page 4, 4 June 2018.
Two projects in Serangoon that were located just couple of hundred metres apart from each other were launched over the weekend – Affinity at Serangoon by Oxley Holdings and The Garden Residences by Wing Tai and Keppel Land.
To be constructed on the former Housing and Urban Development Company (HUDC) estate Serangoon Ville site, the 1,052-unit condominium, Affinity at Serangoon sold 112 units at an average selling price of S$1,575 psf in their phase one sales launch. The transacted units were spread evenly across configurations from one-bedroom to four-bedrooms-plus-study apartments, including strata houses.
Built on a government land sales site, the 613-unit condominium, The Garden Residences, sold over 60 units at an average selling price of S$1,660 psf in their phase one sales launch.
ZACD Executive Director and Chief Investment Officer, Nicholas Mak said, “The slightly higher price point of units at The Garden Residences could be because the developers are larger firms with longer track records than Oxley.”
Nicholas added that it does appear to be head-on competition for both projects to launch around the same time, more so given their proximity. However, he reckoned that the developers could be looking to push out inventory sooner to avoid hitting a supply-glut situation later on, as many more projects are lined up to be launched in the pipeline. To avoid going head to head, Nicholas also suggested for the developers not to embark on a price war.
Read the full article here.