Twin Fountains EC launch at Woodlands

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http://www.straitstimes.com/archive/wednesday/premium/money/story/twin-fountains-ec-launch-woodlands-20130410

Twin Fountains EC launch at Woodlands

Published on Apr 10, 2013

By Melissa Tan


THE first executive condominium (EC) of the year is being launched in Woodlands today.

Units at Twin Fountains are priced from $580,000 for a two-bedroom suite to $1.26 million for a four-bedroom dual-key unit, with prices ranging between $660 and $790 per sq ft (psf).

The project has 418 residential units across eight 14-storey blocks and is due for completion in October 2016, said its joint developers Frasers Centrepoint and Lum Chang in a statement yesterday.

They won the site for about $150 million, or about $302 psf per plot ratio (ppr) last October.

DWG senior manager Lee Sze Teck said he expected "very strong" demand for units at Twin Fountains, particularly its 104 dual-key units.

He pointed out that Twin Fountains and the upcoming Forestville would be the only EC projects this year to escape a ruling on the purchase of dual-key units that kicked in on Jan 12.

Sales of new dual-key EC units will be restricted to multi-generational families for the rest of the EC projects this year and onwards. Dual-key units have two entrances.

Frasers Centrepoint Homes chief executive Cheang Kok Kheong also cited pent-up demand for ECs in the area. No EC has been launched in Woodlands since La Casa in 2005.

Woodlands and the nearby towns of Choa Chu Kang and Yishun have around 609,100 residents combined, of whom four-fifths live in four- or five-room Housing Board flats. A majority of those people have also lived in their flats for the minimum occupation period of five years.

The next upcoming EC project is Forestville, also in Woodlands, which is expected to go back on the market before the end of June.

The 653-unit Forestville, developed by Hao Yuan Investment but managed by MCC Land, was first launched in December last year. But it later transpired that Hao Yuan had not been authorised by the Urban Redevelopment Authority to sell any of the units in the project.

Other EC developments expected to be launched later this year include an EC site in Sembawang won by boutique developer JBE Holdings in December last year for $211.9 million, or $323.76 psf ppr.

Twin Fountains is the second joint venture of Frasers Centrepoint and Lum Chang, after Esparina Residences in Buangkok, which was launched in October 2010 and is fully sold. Esparina Residences is expected to get its Temporary Occupation Permit in the first quarter of next year.

E-applications for units at Twin Fountains will be open from today to April 21. Successful applicants will be able to book the units on May 11.

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http://www.businesstimes.com.sg/archive/wednesday/premium/singapore/woodlands-exec-condo-starts-660-psf-20130410

Published April 10, 2013

Woodlands exec condo starts from $660 psf

Twin Fountains offers 418 units spread over eight 14-storey blocks

By nathaniel chew

http://www.businesstimes.com.sg/archive/wednesday/sites/businesstimes.com.sg/files/imagecache/image_300x200/BT_20130410_NCTWIN10_497788.jpg
Twin Fountains: When completed, it will be an eight-minute walk from the Woodlands South MRT station - PHOTO: FRASERS CENTREPOINT

FRASERS Centrepoint and Lum Chang have launched Twin Fountains, an executive condominium (EC) in Woodlands.

Located at the junction of Woodlands Avenue 6 and Woodlands Drive 16, the 99-year, 418-unit development comprises eight 14-storey blocks.

The available units range from two-bedroom to four-bedroom (Trio Deluxe), with two additional penthouse units. About 53 per cent, or 221 units, are three-bedders.

Units are priced from $580,000 for an 828 sq ft, two-bedroom unit to $1.26 million for a 1,593 sq ft, four-bedroom (Trio Deluxe) unit. They are priced between $660 psf and $790 psf. Frasers Centrepoint declined to give the price breakdown for each unit type, but said that floor level and orientation influenced a unit's price.

Ong Kah Seng, director of R'ST Research, said that Twin Fountains' pricing, especially for ordinary-sized EC units under $750 psf, will be attractive to buyers. He noted that transactions this year at La Casa, another Woodlands EC, averaged $760 psf, though these were resales.

Twin Fountains is situated near the Woodlands and Admiralty MRT stations.

It will be an eight-minute walk from the Woodlands South MRT station, part of the upcoming Thomson Line, when it is completed. The site is also near the Seletar and Tampines expressways, as well as the future North South Expressway.

The EC is expected to receive its Temporary Occupation Permit in October 2016.

Frasers Centrepoint and Lum Chang won the EC site last October with a bid of $150.18 million, or $302 psf ppr.

Twin Fountains is the first EC to be launched in Singapore this year, and Frasers Centrepoint and Lum Chang said that it is the first EC launched in Woodlands since 2005.

Another EC project in Woodlands, Forestville, is waiting for approval for its launch. The 653-unit EC is being developed by Hao Yuan.

Cheang Kok Kheong, chief executive officer of Frasers Centrepoint Homes, said that Woodlands was becoming more attractive for residential development.

"Woodlands has shaped up as a lively residential estate over the past decade, and with the government planning to further develop the town as a regional hub, it is expected to become even more attractive in the coming years," he said.

Mr Ong said that he expected buying interest to be "positive, though not overwhelming".

"There are other EC choices in the vicinity," he said, citing La Casa, Forestville and a new EC site launched in a government land sale in March.

"However, there should be sufficient demand arising from Woodland's longer-term rejuvenation potential," he added.

E-applications for Twin Fountains are open from today until April 21.

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http://www.straitstimes.com/archive/thursday/premium/money/story/strong-debut-twin-fountains-ec-woodlands-20130411

Strong debut for Twin Fountains EC in Woodlands

Published on Apr 11, 2013

By Melissa Tan


THE first executive condominium (EC) to go on the market this year made a solid debut at its launch yesterday.

As of 5pm yesterday, there were 155 e-applications for Twin Fountains in Woodlands, said Frasers Centrepoint Homes chief executive Cheang Kok Kheong. That exceeded a third of the available units. Of that number, 31 per cent are by first-time buyers.

OrangeTee managing director Steven Tan said the number of applications was a positive sign, especially since the launch was on a Wednesday, meaning that many buyers may be too busy at work to submit their applications. It points to strong demand this weekend, he said.

The 418-unit project is being jointly developed by Frasers Centrepoint and Lum Chang.

Units are priced from $580,000 for a two-bedroom apartment to $1.26 million for a four-bedroom dual-key unit, with pricing ranging between $660 and $790 per sq ft (psf). The site was won for about $150 million, or about $302 psf per plot ratio, last October.

"We anticipate that the number of e-applications made will increase steadily over the 11-day e-application period, with more notable increases on weekends," Mr Cheang said.

E-application is open until April 21. Successful applicants will be able to book units on May 11. The project is due to be completed in October 2016.

The next EC project is the 653-unit Forestville, also in Woodlands. It is expected to go back on the market before the end of June.

The project, developed by Hao Yuan Investment but managed by MCC Land, was first launched last December. But it later transpired that Hao Yuan had not been authorised by the Urban Redevelopment Authority to sell any of the units yet.

Twin Fountains and Forestville would be the only EC projects this year to escape a ruling on buying dual-key units that took effect on Jan 12. Sales of dual-key units at future EC projects will be restricted to multi-generational families.

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