'Overwhelming turnout' at Duo project preview

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http://www.straitstimes.com/archive/friday/premium/money/story/overwhelming-turnout-duo-project-preview-20131115

'Overwhelming turnout' at Duo project preview

Published on Nov 15, 2013

http://www.straitstimes.com/archive/friday/sites/straitstimes.com/files/imagecache/story-gallery-featured/20131115/ST_20131115_MTDUO15_3923754e.jpg
Agents said buyers had likely already snapped up over half of the 660 apartments at the 99-year leasehold Duo Residences (above), which is part of the Duo integrated development being built by M+S, a joint venture between Temasek Holdings and Khazanah Nasional. -- PHOTO: M+S

By Melissa Tan

THE public could have a lot fewer units to choose from when Duo Residences is launched today following a rush of sales at yesterday's preview.

Agents told The Straits Times that buyers had likely already snapped up over half of the 660 apartments at the 99-year leasehold project.

M+S chief operating officer Kemmy Tan told The Straits Times yesterday: "The turnout was overwhelming."

However, she said that she could not confirm any figures because sales were still being processed.

Sales were conducted by balloting that began yesterday afternoon with more due today.

Preview sales also began concurrently in Kuala Lumpur yesterday.

The project is part of the Duo integrated development by M+S, a joint venture between Temasek Holdings and Khazanah Nasional.

It will likely be the largest mixed development in the Bugis and City Hall area when it is completed in 2017.

Prices at Duo Residences yesterday ranged from around $1,500 per sq ft (psf) to slightly above $2,300 psf, but most units went for between $1,700 psf and $2,000 psf, according to agents who spoke to The Straits Times.

Market talk had it that more than 1,000 cheques had been submitted in the first phase of sales.

Consultants had expected the project near Kampong Glam to be priced above $2,000 psf on average, given its location and the fact that it is part of an integrated development.

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 on the ground podium called Duo Galleria, which will come with a basement carpark.

The entire project, which has a gross floor area of 1.73 million square feet, has been designed by world-renowned architect Ole Scheeren, who also drew up The Interlace condominium.

The project will be managed by CapitaLand and UEM Land Holdings.

Construction is expected to start later this year.

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http://www.straitstimes.com/archive/saturday/premium/money/story/bumper-sales-launch-duo-residences-20131116

Bumper sales at launch of Duo Residences

Similar projects likely to do well, though demand may dip: Experts

Published on Nov 16, 2013

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Apart from the 49-storey Duo Residences residential block, the integrated development also includes Duo Tower, a 39-storey commercial and hotel complex. Property agents told The Straits Times that, as of 10pm yesterday night, fewer than 100 units were left. -- ST PHOTO: CAROLINE CHIA

By Melissa Tan And Cheryl Ong

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.

"In a buoyant market, an iconic development like Duo would have commanded well over $2,000 psf... the average price could have been $2,200 psf or more," said PropNex chief executive Mohamed Ismail.

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.

Mr Ismail said that upcoming mixed developments such as Guocoland's Clermont Residences and South Beach by City Developments could also see high demand "if the price is right".

However, OrangeTee research head Christine Li said that in general, strong sales at Duo could mean a smaller pool of investors for imminent launches.

"Investors have been waiting on the sidelines for projects like Duo. Some investors only have one chance to buy an investment property, so they will just go for something that suits them and max out their budget," she said.

Colliers International research head Chia Siew Chuin said that since Clermont Residences and South Beach are likely to appeal to a different group of investors, their sales would probably not be hindered by Duo's success.

"Property investors are quite savvy and know what's available on the market. Some may be looking for a trophy project and think Duo is suitable, but others may be holding out for other projects," said Ms Chia.

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