Pricing flagged at $2,700-3,200 psf, with one-bedders going for $1.5m
OVERSEAS Union Enterprise (OUE) will launch Twin Peaks - a project at the site of The Grangeford - next month.
The property group is also looking to boost its residential portfolio and is in talks for some development projects.
OUE CEO Thio Gim Hock shared these updates with BT yesterday. Apartments at the 99-year Twin Peaks at Leonie Hill Road will be fully furnished and the group will launch them at 'market rates', Mr Thio said.
A source flagged the possible selling price at $2,700-3,200 per square foot, and estimated that a one-bedroom unit could cost around $1.5 million.
One-bedders at 550-570 square feet will make up 60 per cent of the 462-unit project. The remaining units will comprise two-bedders measuring 1,060 sq ft, and three-bedders at 1,400-1,900 sq ft.
The said prices are comparable to those at projects nearby. Caveats lodged with the authorities show a unit at Grange Infinite changing hands for $2,862 psf last month.
Official records also note that back in August 2007, five units at The Lumos were sold for a median price of $3,334 psf.
Property consultants felt that Twin Peaks would attract some buyers despite the relatively high psf price. DTZ executive director (consulting) Ong Choon Fah noted that the location is attractive. She added that with more one-bedders available, the absolute outlay is more affordable.
Knight Frank managing director of residential services Peter Ow also said that investors who wish to lease out their apartments straightaway will benefit from the furnishings.
Buyers can choose from a list of furnishings, which include Herman Miller chairs and Foscarini lamps. OUE is able to get discounts on these items through bulk purchase - a Herman Miller chair can cost some 40 per cent less than the retail price.
It is not clear how much the furnishings add to development costs. According to a Rider Levett Bucknall report in March, a luxury quality condominium can cost $334-465 psf of gross floor area to build. The unit land price for The Grangeford was reported to be $1,810 psf per plot ratio.
OUE will have fully furnished units at other projects if there is good reception for Twin Peaks, Mr Thio said. Twin Peaks is OUE's only residential site now, but 'we have some development projects we are negotiating', he said.
More launches are slated to come in the next few weeks. Allgreen will have a preview for The Cascadia, a freehold project at Bukit Timah, this weekend. BT understands that selling prices will range from $1,400 psf to $1,600 psf.
Source: Business Times, 19 May 2010