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Thread: Twin Peaks (D9, 99 years leasehold, OUE)

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    Default Twin Peaks (D9, 99 years leasehold, OUE)

    http://www.businesstimes.com.sg/sub/...99140,00.html?

    Published May 19, 2010

    OUE to launch Twin Peaks next month

    Pricing flagged at $2,700-3,200 psf, with one-bedders going for $1.5m

    By EMILYN YAP


    OVERSEAS Union Enterprise (OUE) will launch Twin Peaks - a project at the site of The Grangeford - next month.


    Fully furnished: One-bedders at 550-570 square feet will make up 60 per cent of the 462-unit project

    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.

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    knn 1.5 mil for a one bedder??? i think the market has gone crazy!!!

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    99 year leasehold somemore. if it is iconic like Orchard Residences maybe more attractive.


    Quote Originally Posted by Regulators
    knn 1.5 mil for a one bedder??? i think the market has gone crazy!!!

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    this kind of market i dont know why buyers still come out in droves to get "chop vegetable head"...

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    but don't know what the response is like for this project next month. quite many units, thrown in fully furnished, 99 year leasehold in luxury prime segment. untested market.



    Quote Originally Posted by Regulators
    this kind of market i dont know why buyers still come out in droves to get "chop vegetable head"...

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    one bedder for $1.5m is crazy meh? obviously you haven't seen anything in marina bay yet.

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    same thought...1.5mil for a 1bedder is not shocking. ard 3k psf very norm in orchard vicinity...however, its a 99LH being priced at FH prices...tats y throw in fully furnished to make up for tat?

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    how much u guys 1 bedder rental can fetch? 3.5k for a 1.5mil ppty...somemore 99LH

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    even at 3.5k / mth for a 4xxsf unit, it is a pathetic 2.x% yield. At least Espada is a freehold project as you have rightly pointed this is 99yr

    Quote Originally Posted by devilplate
    how much u guys 1 bedder rental can fetch? 3.5k for a 1.5mil ppty...somemore 99LH

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    Nowadays 1 bedders are selling like hot cakes. Suburbs one-bedder in any location can go for >$1kpsf. So the developers must have thought "this is Orchard road leh" and so multiply by 3x and increase to $3k PSF lor. I'm sure there are still buyers. $1.5m is within reach for many Singaporeans, esp for those who have been yearning and yearning for an Orchard Road address. I remember one local actress Kym Ng say she will not buy a house in any place other than Orchard Road. So this type of people will buy - it's like a dream come true to tell people they have "made it" in life and now stay in Orchard

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    Can get a decent freehold 1 bedder 5xxsf for less than 1 mil at The Oxley so no point paying 1.5 mil for a 4xxsf unit whioch is 99yr only.


    Quote Originally Posted by Wild Falcon
    Nowadays 1 bedders are selling like hot cakes. Suburbs one-bedder in any location can go for >$1kpsf. So the developers must have thought "this is Orchard road leh" and so multiply by 3x and increase to $3k PSF lor. I'm sure there are still buyers. $1.5m is within reach for many Singaporeans, esp for those who have been yearning and yearning for an Orchard Road address. I remember one local actress Kym Ng say she will not buy a house in any place other than Orchard Road. So this type of people will buy - it's like a dream come true to tell people they have "made it" in life and now stay in Orchard

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    Quote Originally Posted by Wild Falcon
    Nowadays 1 bedders are selling like hot cakes. Suburbs one-bedder in any location can go for >$1kpsf. So the developers must have thought "this is Orchard road leh" and so multiply by 3x and increase to $3k PSF lor. I'm sure there are still buyers. $1.5m is within reach for many Singaporeans, esp for those who have been yearning and yearning for an Orchard Road address. I remember one local actress Kym Ng say she will not buy a house in any place other than Orchard Road. So this type of people will buy - it's like a dream come true to tell people they have "made it" in life and now stay in Orchard
    Are you referring to the God of Fortune, who has arrived in Singapore?


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    Kym Ng looks a bit like Mickey Mouse anyway, so the MM units will probably appeal to her

    Quote Originally Posted by Wild Falcon
    Nowadays 1 bedders are selling like hot cakes. Suburbs one-bedder in any location can go for >$1kpsf. So the developers must have thought "this is Orchard road leh" and so multiply by 3x and increase to $3k PSF lor. I'm sure there are still buyers. $1.5m is within reach for many Singaporeans, esp for those who have been yearning and yearning for an Orchard Road address. I remember one local actress Kym Ng say she will not buy a house in any place other than Orchard Road. So this type of people will buy - it's like a dream come true to tell people they have "made it" in life and now stay in Orchard

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    First fully furnished condo...

    The furniture will be a mix of contempory pieces and elegant classics from the 1930s to 1950s... From Cassina Utrect to Eames!!!

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    From BT today "BT understands OUE will officially roll out Twin Peaks, a high-end project in Leonie Hill Road, on Sept 18. And Frasers Centrepoint has said it will go ahead with the launch of Esparina Residences - an executive condominium (EC) project at Sengkang - in October as planned.
    Another EC project - the Canopy, by MCC Land at Yishun - is also scheduled for launch in October."

    finally launching on sep 18.

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    Quote Originally Posted by bargain hunter
    From BT today "BT understands OUE will officially roll out Twin Peaks, a high-end project in Leonie Hill Road, on Sept 18. And Frasers Centrepoint has said it will go ahead with the launch of Esparina Residences - an executive condominium (EC) project at Sengkang - in October as planned.
    Another EC project - the Canopy, by MCC Land at Yishun - is also scheduled for launch in October."

    finally launching on sep 18.
    All high end ones, or should I say... luxury (expansive) type, out of mass market will continue to be launched.

    Mass market will be affected as HDB folks are temporarily removed from the market. They will come back when things stablise and have more cash!

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    Actual sales performance of such "high-end" condos were hardly reported in the papers. Mainly because they really don't do very well in today's sentiments - so developers will keep it low-key. Transaction volume is woefully low. Therefore, even with new measures, the sales performance will be "unaffected" because sales performance was never great to begin with even prior to the pecuniary measures

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    let's see how many units they sell in sep for this project.

    Quote Originally Posted by Wild Falcon
    Actual sales performance of such "high-end" condos were hardly reported in the papers. Mainly because they really don't do very well in today's sentiments - so developers will keep it low-key. Transaction volume is woefully low. Therefore, even with new measures, the sales performance will be "unaffected" because sales performance was never great to begin with even prior to the pecuniary measures

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    Quote Originally Posted by Wild Falcon
    Actual sales performance of such "high-end" condos were hardly reported in the papers. Mainly because they really don't do very well in today's sentiments - so developers will keep it low-key. Transaction volume is woefully low. Therefore, even with new measures, the sales performance will be "unaffected" because sales performance was never great to begin with even prior to the pecuniary measures
    so you mean to say before that was "bad" and now its "worst" or at beast remain as "bad".

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    Actually I think very small MM units in Ochard might sell well. It is the standard size units above 1200 sq ft that may have problems moving. Imagine 1200 x 3k psf = $3.6 million which is out-of-reach for most Singaporeans. Also $3.6 million can buy a few suburban units for investment etc - don't need to be stuck in one property. And Singaporeans, by and large, are mostly middle-class. I always use SIA first class and business class as a gauge - most Singaporeans only travel first/business if it's on company account. If use their own pocket, the majority still travel economy with entire family - which means every thousand dollars matter lah.

    So very small units keeping quantum at around $1.5 million - probably can move. There are always "wannabes" wanted to be seen at certain locality for "status" - nevermind whole family cramped into a tiny area. But standard size units that you still find in many suburban launches will be very difficult to move in prime areas in today's climate and prices. Imagine paying $3.6 million for airspace that is size of 4-room flat. Most will reconsider. That's why this Twin Peaks specialise in small units - developer probably know that standard size units are not longer "affordable" or "compelling" at today's outrageous launch prices.

    Quote Originally Posted by bargain hunter
    let's see how many units they sell in sep for this project.

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    and 99 year leasehold somemore hehehe.

    i agree that 3 to 5m category, locals will think twice before investing, more of a foreigners game.



    Quote Originally Posted by Wild Falcon
    Actually I think very small MM units in Ochard might sell well. It is the standard size units above 1200 sq ft that may have problems moving. Imagine 1200 x 3k psf = $3.6 million which is out-of-reach for most Singaporeans. Also $3.6 million can buy a few suburban units for investment etc - don't need to be stuck in one property. And Singaporeans, by and large, are mostly middle-class. I always use SIA first class and business class as a gauge - most Singaporeans only travel first/business if it's on company account. If use their own pocket, the majority still travel economy with entire family - which means every thousand dollars matter lah.

    So very small units keeping quantum at around $1.5 million - probably can move. There are always "wannabes" wanted to be seen at certain locality for "status" - nevermind whole family cramped into a tiny area. But standard size units that you still find in many suburban launches will be very difficult to move in prime areas in today's climate and prices. Imagine paying $3.6 million for airspace that is size of 5-room flat. Most will reconsider.

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    Quote Originally Posted by bargain hunter
    and 99 year leasehold somemore hehehe.

    i agree that 3 to 5m category, locals will think twice before investing, more of a foreigners game.
    wah...3-5mil...

    me 2mil oredi tink and tink and tink....

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    Maybe the name Twin Dips! is more suitable.

    Most fitting when a double dip recession actually happens.

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    i thought u were the one who said 3 to 5m no problem, still many local buyers can afford? hee...maybe not so after the 70% ltv kicks in hor?

    Quote Originally Posted by devilplate
    wah...3-5mil...

    me 2mil oredi tink and tink and tink....

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    Quote Originally Posted by bargain hunter
    i thought u were the one who said 3 to 5m no problem, still many local buyers can afford? hee...maybe not so after the 70% ltv kicks in hor?
    i cannot afford 3-5mil....tats y those who can afford 3-5mil shd haf super strong holding power....

    i nvr took anything more den 60% b4....so unless ltv reduce to 50% den affect me lor

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    yah, but had u taken 80% and/or bot only 1 or 2 ppties, u can afford 3-5m too and we both know of pple who are currently doing so. so much for "super strong holding power" hehehe. but i agree that above 5m should really be super strong holding power liao, bank won't anyhow grant for that category.

    Quote Originally Posted by devilplate
    i cannot afford 3-5mil....tats y those who can afford 3-5mil shd haf super strong holding power....

    i nvr took anything more den 60% b4....so unless ltv reduce to 50% den affect me lor

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    Quote Originally Posted by bargain hunter
    yah, but had u taken 80% and/or bot only 1 or 2 ppties, u can afford 3-5m too and we both know of pple who are currently doing so. so much for "super strong holding power" hehehe. but i agree that above 5m should really be super strong holding power liao, bank won't anyhow grant for that category.
    i tink those who bot more den 5mil ppty got different set of problems/worries.

    if not, y we get to see firesales for such ppty...

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    Quote Originally Posted by devilplate
    i tink those who bot more den 5mil ppty got different set of problems/worries.

    if not, y we get to see firesales for such ppty...

    even for a 2.5 mio prop .. 10 pct more is 250k cash ..

    thats like 50pct of the price of those MM units

    for that matter .. the whole 30 pct (assuming no CPF used) is 750k, already the whole cost of a MM

    its quite a big amt to put in for 'speculation' ..

    so i see ... that segment $2.5 mio and above properties to slow down ...

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    Quote Originally Posted by proud owner
    even for a 2.5 mio prop .. 10 pct more is 250k cash ..

    thats like 50pct of the price of those MM units

    for that matter .. the whole 30 pct (assuming no CPF used) is 750k, already the whole cost of a MM

    its quite a big amt to put in for 'speculation' ..

    so i see ... that segment $2.5 mio and above properties to slow down ...
    to some every cent counts...to some every dollar counts...to some every 100k counts....and to some every 1mil den count?

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    any1 been to the showflat? saw big big advertisement today...

    i like the facade

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