DUO Residences, the first project to be launched by M+S, a joint venture between Temasek Holdings and Khazanah Nasional, has recorded bumper sales.
This could augur well for upcoming mixed developments similar to Duo, though some consultants warn it may shrink investment demand for the next few weeks.
The 660-unit project next to Kampong Glam had sold 468 units out of the 540 units released, as of 3pm yesterday, M+S said yesterday. This works out to a take-up rate of about 87 per cent within three days of concurrent sales in Singapore and Malaysia.
Property agents later told The Straits Times that, as of 10pm yesterday night, fewer than 100 units were left.
The average selling price was about $2,000 per sq ft (psf) and the highest price psf achieved was $2,600 psf for a studio apartment, M+S said in a statement.
“We’ve proven that it’s the right price,” said M+S chief operating officer Kemmy Tan yesterday.
Most of the buyers – 78 per cent – were Singaporeans. Of these, the bulk were investors.
Malaysians accounted for 16 per cent of buyers. The remaining 6 per cent were mostly Indonesians, Chinese and Americans.
Potential buyers who spoke to The Straits Times at the Duo showflat yesterday said they like the fact that Duo Residences is part of a mixed development.
“It’s a mixture of things in one place. It is all together, yet the commercial (part) is separate, so there is privacy,” said lawyer Yasmine Tyebally. She bought an 893 sq ft two-bedder for about $1.5 million yesterday.
Consultants said the success of Duo’s launch indicates that competitively priced projects will do well as buyers are increasingly cost-conscious.
Apart from the 49-storey Duo Residences residential block, the integrated development also includes Duo Tower, a 39-storey commercial and hotel complex.
It will have a retail gallery at the ground podium, called Duo Galleria, which will come with a basement carpark.
Source: The Straits Times –16 November 2013
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