Bugis shines as Duo Residences sales soar

[reporter2]

http://www.straitstimes.com/archive/...-soar-20131123

HOT SPOT

Bugis shines as Duo Residences sales soar

Close to CBD and Orchard Road, area is expected to attract investors

Published on Nov 23, 2013

By Rachael Boon


STELLAR sales last week at Duo Residences, near Kampong Glam, drew attention to the cultural precinct that has now become an eclectic neighbourhood.

Kampong Glam is part of Bugis, a long-time commercial and office district, with landmarks such as Bugis Street and the National Library Building in Victoria Street.

Ms Chia Siew Chuin, director of research and advisory at Colliers International, said: "The Bugis area blends both the present and the past. It is an area that is mixed with the modernity of tall shiny steel and concrete complexes, and the heritage of buildings from a bygone era."

The latest data at property portal ST Property indicates Duo Residences garnered the highest number of page views by home buyers. The project's average asking price is $1,994 per sq ft (psf).

A total of 574 units at the 660-unit residential development had been sold as of Nov 17. It is part of the Duo project by M+S, a joint venture between Temasek Holdings and Khazanah Nasional.

Set to be the largest mixed- use project in the Bugis-City Hall area, Duo is expected to add to the area's bustle once it is completed in 2017.

Close to the Central Business District (CBD) and Orchard Road shopping belt, projects in the area can command premium prices.

For example, units at the 360-unit Concourse Skyline were sold at a median price of $2,279 to $2,839 psf from January to October, said Ms Chia.

On ST Property, Concourse Skyline came in at No.3 after Southbank, a mixed-use development in North Bridge Road.

R'ST Research director Ong Kah Seng said the location is "definitely a draw for investors" as tenants, especially expatriates on limited housing allowances who want to be near the CBD, would likely be interested.

But he added that with the high prices of city fringe homes, "owners looking to resell their units may have to price them accordingly to fit the TDSR limits of more buyers". Under the TDSR (Total Debt Servicing Ratio) framework, banks are not allowed to approve a home loan that pushes a buyer's monthly debt servicing to more than 60 per cent of his monthly gross income.

The area is going through development, redevelopment and infrastructure works, such as the Downtown MRT Line around Bencoolen and Bugis, said Chesterton Singapore research head Elaine Chow. She said: "There is potential for upside in capital values and rentals, as the Bugis area is not yet saturated with new condominiums."

Strong sales at Duo Residences reflect buyers' confidence and the appeal of the area, she added. "As such, Bugis looks set to be on the radar of investors and home buyers looking for alternative upcoming areas at the city fringe for a while."

[email protected]

[MGM]

http://www.straitstimes.com/archive/...-soar-20131123

HOT SPOT

Bugis shines as Duo Residences sales soar

Close to CBD and Orchard Road, area is expected to attract investors

Published on Nov 23, 2013

By Rachael Boon


STELLAR sales last week at Duo Residences, near Kampong Glam, drew attention to the cultural precinct that has now become an eclectic neighbourhood.

Kampong Glam is part of Bugis, a long-time commercial and office district, with landmarks such as Bugis Street and the National Library Building in Victoria Street.

Ms Chia Siew Chuin, director of research and advisory at Colliers International, said: "The Bugis area blends both the present and the past. It is an area that is mixed with the modernity of tall shiny steel and concrete complexes, and the heritage of buildings from a bygone era."

The latest data at property portal ST Property indicates Duo Residences garnered the highest number of page views by home buyers. The project's average asking price is $1,994 per sq ft (psf).

A total of 574 units at the 660-unit residential development had been sold as of Nov 17. It is part of the Duo project by M+S, a joint venture between Temasek Holdings and Khazanah Nasional.

Set to be the largest mixed- use project in the Bugis-City Hall area, Duo is expected to add to the area's bustle once it is completed in 2017.

Close to the Central Business District (CBD) and Orchard Road shopping belt, projects in the area can command premium prices.

For example, units at the 360-unit Concourse Skyline were sold at a median price of $2,279 to $2,839 psf from January to October, said Ms Chia.

On ST Property, Concourse Skyline came in at No.3 after Southbank, a mixed-use development in North Bridge Road.

R'ST Research director Ong Kah Seng said the location is "definitely a draw for investors" as tenants, especially expatriates on limited housing allowances who want to be near the CBD, would likely be interested.

But he added that with the high prices of city fringe homes, "owners looking to resell their units may have to price them accordingly to fit the TDSR limits of more buyers". Under the TDSR (Total Debt Servicing Ratio) framework, banks are not allowed to approve a home loan that pushes a buyer's monthly debt servicing to more than 60 per cent of his monthly gross income.

The area is going through development, redevelopment and infrastructure works, such as the Downtown MRT Line around Bencoolen and Bugis, said Chesterton Singapore research head Elaine Chow. She said: "There is potential for upside in capital values and rentals, as the Bugis area is not yet saturated with new condominiums."

Strong sales at Duo Residences reflect buyers' confidence and the appeal of the area, she added. "As such, Bugis looks set to be on the radar of investors and home buyers looking for alternative upcoming areas at the city fringe for a while."

[email protected]

a place like duo definitely will be popular due to it's location alone. quite a gd investment.

[CCR]

If marina bay suites is selling for 3000 psf, how much is DUO Worth? How much is DUO underpriced by when they launched It?

[Ringo33]

a place like duo definitely will be popular due to it's location alone. quite a gd investment.

Duo location is not that great actually. You can tell from the amount of discussion on that area before duo was launch. After duo there is really not much development or new site for development in that area.

[CCR]

Duo location is not that great actually. You can tell from the amount of discussion on that area before duo was launch. After duo there is really not much development or new site for development in that area.

You never see the Masterplan? So many empty plot of land for future development

[Ringo33]

You never see the Masterplan? So many empty plot of land for future development

If you look at masterplan alone you won't be able to tell which site has been develop and which is empty. You will need to look at onemap to know how many prime empty sites are there for development.

[phantom_opera]

most buyers pay ABSD for Duo + lock in 4y with SSD ... have to take that into account ...

with S&P500 approaching 2,000 and China growth killed by less credit + pollution ... whether this is a good buy is still a big ?

[star]

most buyers pay ABSD for Duo + lock in 4y with SSD ... have to take that into account ...

with S&P500 approaching 2,000 and China growth killed by less credit + pollution ... whether this is a good buy is still a big ?

Yes quite true. Might become another Reflections. During Reflections launch everyone thought it will sure make money.

[DC33_2008]

That is why buyers are reflecting now. Another iconic development by a renowned architect.

Yes quite true. Might become another Reflections. During Reflections launch everyone thought it will sure make money.

[CCR]

If you look at masterplan alone you won't be able to tell which site has been develop and which is empty. You will need to look at onemap to know how many prime empty sites are there for development.

I know the area that is why I know there any many open plot of land there....

If duo is over priced like reflection then why TOP, price will drop and pull down all other integrated development like Southbeach, clermont, marina bay residence, Dorsett, etc

[FREDDIE]

Yes quite true. Might become another Reflections. During Reflections launch everyone thought it will sure make money.

Reflections owner lost money?? I thought my friend make quite a lot from this project. He bought it during it launched and sold away last year.