Affinity at Serangoon Price

• Over the weekend two of the biggest projects in District 19, Affinity at Serangoon (Oxley Holdings) and The Garden Residences (JV between Wingtai and Keppel Land) were launched for sale and collectively secured over 170 buyers.
• The build-up to the launch was widely anticipated since the take-up for these projects is a good pre-cursor in the demand for new units in the place that will be anticipated to see a fair amount of new supply from recent en blocs.
• Predicated on media reports both projects saw “healthy” first weekend sales, with Affinity at Serangoon securing 112 buyers (out of 300 units launched) and The Garden Residences selling significantly more than 60 units.
• Sales for Affinity at Serangoon was well spread over one-bedders to four-bedders-plus-study apartments with three out of ten strata houses sold at an average of S$2.33m.
• Charges for both projects set a brand new benchmark for the place with Affinity at Serangoon achieving an average selling price of S$1,550 psf while Garden Residences units were sold at a touch higher at S$1,660psf.
• Predicated on selling prices if sustained, these translate into a margin of 14% (The Garden Residences) and 19% (Affinity at Serangoon) respectively.
How can they compare?
• Predicated on marketing materials by agents, we do observe that Oxley's Affinity at Serangoon has more varied unit-types (by virtue of being the more expensive estate) and have more flexibility and space to focus on a wider range of family types.
• Comparing the 1/2/3-bedroom units, it seems that Affinity at Serangoon's average unit sizes (by type) are usually bigger by 30-50 sqft.
• Therefore, we genuinely believe that buyers who're restricted by total quantum will prefer slightly larger units at Affinity at Serangoon vis-à-vis The Garden Residences. The differentiating factor will likely then result from buyer perception of "high quality and prestige" from a Keppel-Wingtai project as compared to “practicality and value” from Oxley. Who'll win? We will know in time.
More choices for homebuyers as competition gets hotter in the vicinity but upcoming projects have higher breakeven points
• Given your competition, buyers'attentions look like split and we believe this had somewhat affected the weekend sell-through rates for both projects.
• The journey while early, continues to be long with close to 1,665 units for both projects (1,052 for Affinity at Serangoon and 613 for The Garden Residences) looking for buyers.
• Given that both projects are observed near a sprawling Serangoon landed estate and a large population living in nearby HDB flats, we genuinely believe that inherent demand for upgraders (new families) to be located near existing homes will remain strong.
• While still early, we do observe that in the pipeline, other projects in District 19 (former Rio Casa and former Florence Regency) which are expected to include another 2,800 units (estimated 1,400 units each) have already been targeted to launch in the coming months. This can mean more choices for buyers and sales momentum could slow somewhat.
• Apart from the former Rio Casa development that will be won by Oxley where we believe the timing of launch and strategy can be managed, the former Florence Regency site's (won by Logan Property) higher breakeven (estimated at S$1,400 psf or above) will require the incumbent projects to do better in order to achieve higher selling prices.
• Singhaiyi, with two projects at How Sun Drive (former How Sun Park and Sun Rosier) with close to 380 units in the wings, will require rosier times with breakeven prices in the north of S$1,600-1,800 psf.
• This sets the stage for the upcoming 2 Woodleigh property developments. In light of the, prices above S$2,000 psf may not seem all that impossible now.
To learn more kindly visit Affinity at Serangoon Price

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