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OXLEY’S FIRST-MOVER ADVANTAGE With its consortium partners, ’s fastest growing property group to lead the market in terms of new launches

6JGGZKUVKPI5GTCPIQQP8KNNGYJKEJYKNNDGTGFGXGNQRGFKPVQVJGWPKV#HƒPKV[CV5GTCPIQQP The Serangoon Gardens neighbourhood draws others who did not grow up there but appreciate the laidback charm of the housing estate 1WĚGX¥SĂRSěMOUGRCFUCNěCIG With its consortium partners, Singapore’s fastest growing property group to lead the market in terms of new launches

ecognising the latent housing demand gang and Serangoon Gardens. “For many upgraders, Hong Boon estimates the Oxley-led consortium’s owners in the resale market have raised their asking in the neighbourhood of Serangoon, especially young couples and families with children of price advantage to be “in the $150-to-$200 psf range” prices by 15% to 20% this year, says Knight Frank’s Singapore-listed property group Ox- school-going age, the most appealing enclaves are in over subsequent land sites sold in the area. Tan. ley Holdings snapped up three of the Serangoon, and Yio Chu Kang,” s ays Eugene Keen competition among developers for collec- six collective sale sites made available Lim, ERA Realty key executive officer. “Being mature tive sale and government land sale (GLS) sites has RIDING ON AFFINITY Rin the northeast region last year. Two of the sites are neighbourhoods, they are where good schools, fa- driven up land prices to record levels since 2Q2017, large privatised HUDC estates that are well located: mous eateries, public transport and other amenities notes Alice Tan, head of research and consultancy at The last condominium launch in the neighbourhood Rio Casa on Hougang Avenue 7, fronting the Seran- are situated.” Knight Frank Singapore. of Serangoon Gardens was said to be The Scala, and goon River; and Serangoon Ville on In the northeast region, GLS sites sold include the that was in 2010. Many of the condos in the vicini- Avenue 1, which is just a four-minute drive to Seran- GREATER PRICE FLEXIBILITY 99-year leasehold commercial and residential site at ty, such as Kensington Park, Chiltern Park or Chuan goon Gardens. Woodleigh Lane, which was sold for $1,118 psf ppr Park, were developed more than 20 years ago. Now, These sites werep urchased as part of a consor- Being a first mover in the area means the Oxley-led last June. The following month, a residential site across the owners there are attempting collective sales. tium with partners KSH Holdings, SLB Development consortium will be the first out of the gate with a proj- the road saw 15 bids, with the winner paying $1,110 The Oxley-led consortium’s Affinity at Serangoon, and Apricot Capital. Rio Casa was purchased for $575 ect launch. The 1,052-unit Affinity at Serangoon (a psf ppr for the site. Last July, the GLS site at Serangoon located just a four-minute drive from Serangoon Gar- million, or $706 psf per plot ratio in May; Serangoon redevelopment of Serangoon Ville) will be rolled out North Avenue 1 received 16 bids and fetched a top bid dens, is therefore one of the first new launches in the Ville was acquired for $499 million, or $835 psf ppr, at end-May, and the 1,472-unit Riverfront Residences of $965 psf ppr. That month, Oxley paid $835 psf ppr neighbourhood in eight years. “The Project’s name, in July. The third site, Toho Green on Yio Chu Kang on the site of the former Rio Casa will make its debut for the Serangoon Ville site. Affinity at Serangoon, by Oxley-led consortium re- Road, is a smaller site, which Oxley purchased on its a month later. “Developers such as the Oxley-led consortium flects the strong sentimental and social ties to the own for $8 million, also in July. Oxley’s three en bloc sites have a combined total that purchased sites last year at prices below $1,000 Serangoon Gardens neighbourhood that people who In fact, it was the Oxley-led consortium’s purchas- of more than 2,400 new housing units when rede- psf and are launching this year are likely to enjoy a grew up there have,” says Ken Low, director (project es of Rio Casa and Serangoon Ville that fired up the veloped. “By being in control of the majority of the first-mover advantage when it comes to capturing sales and marketing) at Huttons Asia. “Many would collective sale market in the northeast region last year. upcoming supply, Oxley and its partners have great- homebuyers,” says Ismail Gafoor, CEO of PropNex naturally want to buy a home there to be near their One of the largest in Singapore, the northeast re- er flexibility in terms of pricing and launch timing,” Realty. parents or other family members.” gion encompasses the area from , notes ERA Realty’s Lim. With unsold units of existing launches in the The Serangoon Gardens neighbourhood also and Yio Chu Kang Road to Serangoon North, Hou- JLL regional director for capital markets, Tan northeast region largely depleted, even individual draws others who did not grow up there but appreci- ate its laidback charm and proximity to famous eater- ies such as Ah Hock Hokkien Fried Noodles, Ah Seng Braised Duck Rice and Swee Heng Wonton Noodles SITES SOLD IN NORTHEAST REGION IN 2017 at Chomp Chomp Food Centre as well as Market & Food Centre, notes Huttons’ Low. It is also within a 1km range of top schools such as Rosyth Primary School and Zhonghua Primary 1,400 Former Sun Rosier School, he adds. The Woodleigh Among the older generation of Singaporeans, 1,200 Residences Former Park How Sun Park Serangoon Gardens was fondly known as “ang sar lee” Colonial The Garden for the red zinc roofs of the houses that were originally Affinity at 1,000 Residences built on the estate. Developed in the 1950s, Serangoon Serangoon Former Gardens is also one of the areas identified by URA as Riverfront (former Serangoon Ville) Florence Regency an identity node. 800 Residences (former Rio Casa) GROWTH REGION 600

Land price ($ psf ppr) The Serangoon area is also well served by trans-

EQPUWNVCPVU 400 port nodes, mainly the North East Line, where the [ Serangoon MRT station and bus interchange are in- tegrated with nex mall. The Serangoon MRT station 200 is the interchange station for the North East and Cir- cle Lines, says ERA’s Lim. The upcoming Cross Island - MRT Line and North South Corridor will further in- Oxley SPH & Kajima Chip Eng Seng- Oxley Keppel Land & Sing Haiyi Logan Sing Haiyi crease accessibility. Holdings-led joint venture led consortium Holdings-led Wing Tai Group & Property Group & consortium consortium joint venture related parties related parties Besides nex, other malls in the Serangoon neigh- bourhood include Hougang Mall and Heartland Mall.

%TGFKV74#FGXGNQRGTUCPFRTQRGTV There is also a new integrated development next to the SPECIAL FEATURE

“The Oxley-led consortium has upped its game by creating a product that appeals to buyers not just from a functional aspect, but also emotional and lifestyle” Alice Tan Head of Research & Consultancy Knight Frank Singapore

Chomp Chomp Food Centre at Serangoon Gardens Serangoon Garden Market, another attraction of Serangoon Gardens “The Oxley-led consortium’s price advantage is likely to be in the $150-to-$200 psf range over subsequent land sites sold in the area” Tan Hong Boon Regional Director for Capital Markets JLL

“Developers such as the Oxley-led consortium that purchased sites last year at prices below $1,000 psf and are launching this year are likely to enjoy a first-mover advantage when it comes to capturing homebuyers” Ismail Gafoor CEO PropNex Realty

“The Project’s name, Affinity at Serangoon Ah Hock Fried Hokkien Noodles, one of the famous stalls in by Oxley-led consortium reflects the strong Chomp Chomp Food Centre #HƒPKV[CV5GTCPIQQPKUYKVJKPMOQHVQRRTKOCT[UEJQQN4QU[VJ5EJQQN sentimental and social ties to the Serangoon Gardens neighbourhood that people who grew up there have, and who would naturally want to buy a home there to be near their parents or other family members” Ken Low Director (Project Sales & Marketing) Huttons Asia

Swee Heng Wanton Noodle stall, another favourite at Chomp Chomp Food Centre The famous Pow Sing Restaurant at Serangoon Gardens “For many upgraders, especially young couples and families with children of school-going age, MRT station on the North East Line. ing Punggol Digital District, where 28,000 new jobs room condo units to four-bedroom-plus-study units the most appealing enclaves are in Serangoon, “There are those who want to live near ameni- are envisioned to be created. “This will be a major of up to 1,711 sq ft that will satisfy different household Hougang and Yio Chu Kang” ties like nex and the MRT interchange station,” notes catalyst for growth, and where a new business and ed- sizes. The project also has 40 strata houses comprising PropNex’s Gafoor. “There are also die-hard fans fo ucation hub is scheduled to open in 2023,” says ERA’s 4 and 5 bedroom type. Eugene Lim Serangoon Gardens who want to live near the housing Lim. “There is definitely potential for growth.” “The Oxley-led consortium has upped its game by Key Executive Officer estate because of the amenities and nostalgia of places New jobs created also translate into new housing creating a product that appeals to buyers not just from ERA Realty Network like Chomp Chomp.” demand. With 1,052 units, Affinity at Serangoon has a a functional aspect, but also emotional and lifestyle,” Serangoon Gardens is also near the up-and-com- wide variety of units ranging from 474 sq ft, one-bed- says Knight Frank’s Tan. 11 UPCOMING RESIDENTIAL PROJECTS IN SINGAPORE

BY OXLEY GROUP

Riverfront Residences Hougang Avenue 7 Former Rio Casa

NEW LAUNCH

Serangoon North Ave 1 Parkwood Residences Former Serangoon Ville 208 Yio Chu Kang Road

21 Meyappa Chettiar Road Rifle Range Road Former Apartment 8 Former OVER 60% SOLD Mayfair Garden 5 Jalan Ampas OVER 70% SOLD Sea Pavilion Residences Former Ampas Apartment Sixteen35 Residences 494 Upper East Coast Road 16 Lorong 35

South Road Balestier Former Vista Park Tessensohn Road

OVER 95% SOLD The Verandah Residences Road

Being one of the largest homegrown property developer, Oxley Holdings Limited has a distinctive portfolio in quality residential, commercial, industrial and hospitality developments across 11 geographical markets worldwide. Oxley is back robust to create new wave by venturing into 11 residential / mixed-use developments in Singapore this year.

FOR ENQUIRIES ON OUR PROJECTS, TALK TO US AT 6438 0202 OR VISIT WWW.OXLEY.COM.SG