Recently, a consortium that’s led by Oxley Holdings has just purchased Serangoon Ville, which is a HUDC estate that you can find in the Serangoon North Avenue 1. The selling price for this is S$499 million, and the sale was a collective one. The initial expectation was to have around 430 million at most, but it seems that the results were more than interesting, to the point where everyone was more than happy with the way everything managed to pan out.
This is the seventh collective sale this year and the total amount of deals is more than 2.5 billion in worth, although only less than half of that value was actually sold in the end.
Oxley is a very powerful company that has around 40% of the consortium that purchased Serangoon Ville. The rest is split between Apricot Capital as well as Unique Invesco Pte LTD as well as Liang Beng Group.
There is some speculation that the consortium will be a part of the public tender that will close in a few days. These 4 companies have also teamed up to acquire Rio Casa in Huogang, which added up to around S$575 million.
The Serangoon Ville price is quite impressive, since it manages to work out at a rate of S$835 for each square foot per plot. There is a nice piece of revenue for the Serangoon Ville owners at the 244 unit, because they can get around S$ 2 million in average. According to the local professionals, it was the locational attribute that raised the price for the Serangoon Ville, and that was quite an impressive thing to have. That was one of the primary reasons why the bids went higher than expected.
It was still a nice thing to have and one of those sales that did pay off for the previous owners. That being said, around 1200 units are expected to appear on the site. The project may be able to bring in some affordable options for the masses. Hopefully the results will end up being very impressive, but only time will tell if that will happen or not.
Serangoon Ville is close to the Hundred Palms Residences, which is an executive condominium (EC). The price for Serangoon Ville was quite aggressive, but this means that the Singapore property market is finally back and it will end up being extremely good in the end.
Some other Singapore condo in the region are apt for a sale, and if the Serangoon Ville sale is any indication, the prices may go up quite a bit very soon. But only time can tell if these prices are really going to blow up or not for the time being.
One thing is certain, the Serangoon Ville was a successful one, and we can’t wait to see how the development process will end up being. Of course, there are some other sales like the Normanton Park and the Tampines Court that will most likely bring in even more profit on the market!
Other upcoming new launches,