Twin Peaks (D9, 99 years leasehold, OUE)

[richwang]

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

I thought D9 are all FH. Does the Developer keep the deed? Sounds like the trend is Developer selling FH in 99 or 103 Lease.
Is there a way for small player to do this? For example, when collective sale happens, the owner will keep the land and just sell 99 Lease to the new Developer?

Thanks,
Richard

[bargain hunter]

The government's August 30 cooling measures were expected by analysts to affect mostly the HDB resale and entry-level private condo markets, but could be causing some buyers in the high-end segment to be more guarded as well, gauging by the response to Twin Peaks' official launch yesterday, marked by the start of its ad campaign.
Overseas Union Enterprise, the project's developer, is understood to have sold about half of the 70 units it has released so far of the 99-year leasehold condo at Leonie Hill Road.
While OUE has been previewing the project for a few weeks, the bulk of the options are said to have been issued over the weekend. The average price is about $2,870 psf. Prices start from about $1.5 million for a one-bedroom unit of 550 sq ft.

[bargain hunter]

previously Grangeford was also 99 year leasehold so they are not keeping the deed. there are some pockets of old 99 year leaseholds in D9 too. most recently of course, Orchard Residences. LOL.

I thought D9 are all FH. Does the Developer keep the deed? Sounds like the trend is Developer selling FH in 99 or 103 Lease.
Is there a way for small player to do this? For example, when collective sale happens, the owner will keep the land and just sell 99 Lease to the new Developer?

Thanks,
Richard

[devilplate]

previously Grangeford was also 99 year leasehold so they are not keeping the deed. there are some pockets of old 99 year leaseholds in D9 too. most recently of course, Orchard Residences. LOL.

draycott area aso have...

leonie studio relatively new and failed to break 2kpsf....twin peaks 2.8-3k psf....PEAK PRICE

how much they bot enbloc?

[bargain hunter]

can't remember liao but i think not cheap. i m not going to the showflat to contribute to the exaggerated numbers like NV's showflat hehehe.

comes fully furnished wor this twin peaks.

draycott area aso have...

leonie studio relatively new and failed to break 2kpsf....twin peaks 2.8-3k psf....PEAK PRICE

how much they bot enbloc?

[Wild Falcon]

Looks like nowadays the buyers don't even bother to customise their house themselves. Imagine every unit looks the same as every other neighbour! Looks like mainly targeting the foreign specuvestors market who don't care about personal taste in their homes. Just furnish with lots of designer badge means "good taste" Anyway, last Sat's papers showcased some individuals who decorated their homes head to toe with designer-logo furniture and that convince me that good taste cannot be bought.

This one the showflat sure got a lot of wannabes yuppies one Yesterday I was at Orchard and I really feel like a foreigner. Orchard Road is now full of Filipinos and PRCs. Anyway, most "experts" think high-end is risk-free investment and not affected by measures and "bao jia" one. Let's see how "risk free" this is. Buy buy buy!

can't remember liao but i think not cheap. i m not going to the showflat to contribute to the exaggerated numbers like NV's showflat hehehe.

comes fully furnished wor this twin peaks.

[Condorich]

Twin Peaks, One Peak on the left and another Peak on the right. It will come.

[Grimloq]

Is the showflat at the building site? Curious to go have a look

[teddybear]

Hahaha, that is funny!
With Singapore population of about 5.1m and citizens only about 3m (probably about 500k are converted somemore), everywhere you go if you will also be surrounded by foreigners! At least in Orchard, you are surrounded by high-end better spending-capability foreigners! (not the construction workers & maids etc in Jurong or somewhere else in the heartland neighbourhood).

Looks like nowadays the buyers don't even bother to customise their house themselves. Imagine every unit looks the same as every other neighbour! Looks like mainly targeting the foreign specuvestors market who don't care about personal taste in their homes. Just furnish with lots of designer badge means "good taste" Anyway, last Sat's papers showcased some individuals who decorated their homes head to toe with designer-logo furniture and that convince me that good taste cannot be bought.

This one the showflat sure got a lot of wannabes yuppies one Yesterday I was at Orchard and I really feel like a foreigner. Orchard Road is now full of Filipinos and PRCs. Anyway, most "experts" think high-end is risk-free investment and not affected by measures and "bao jia" one. Let's see how "risk free" this is. Buy buy buy!

[Wild Falcon]

Are u sure? Looks like you're not familiar with Orchard. I'm that there are much more maids and construction workers in a very short stretch of Orchard Road than any part of suburban Singapore or upper districts.

Hahaha, that is funny!
With Singapore population of about 5.1m and citizens only about 3m (probably about 500k are converted somemore), everywhere you go if you will also be surrounded by foreigners! At least in Orchard, you are surrounded by high-end better spending-capability foreigners! (not the construction workers & maids etc in Jurong or somewhere else in the heartland neighbourhood).

[Wild Falcon]

Twin Peaks debut: take-up at high-end projects remains slow

September pre-sales: weekend of 18-19 September 2010

While pre-sales at high-end projects have been relatively slow for some time now (Residences at Emerald Hill, which was launched in July, continued to see no sale in August, for instance), we believe projects like Twin Peaks, which is made up of mostly 1-bedders, would have achieved better sales before the August 31 measures introduced by the government to curb property speculation. The relatively lacklustre debut of Twin Peaks may have negative read-through for Allgreen’s Suites at Orchard, which is expected to be launched soon. The key difference, however, is OUE paid S$1,810psfppr for the land (and is now selling the project on a fully furnished basis) while Allgreen paid S$669psfppr for the Suites at Orchard site.

We visited OUE’s latest up-market project, Twin Peaks, on Sunday afternoon. This is the redevelopment of the Grangeford Apartments, which was bought en-bloc by the developer in 2007 for S$625mn or S$1,810psfppr. Twin Peaks is made up of two 36-storey towers, comprising mostly small units – about 60% of the units are 1-bedders ranging at 549-571 sq ft and the remaining units are 2-bedders (1,055 sq ft) and 3-bedders (1,399-1,895 sq ft). The units are sold on a fully-furnished basis and the average price is about S$2,870psf (we were quoted S$1.64mn or S$2,991psf for a 549-sq ft 1-bedder on the 19th floor, facing away from Orchard Road). There were about six to seven groups of visitors on our visit and many of the visitors appeared to be locals (although there was also an Indonesian family). While there were interested visitors, we got the impression that few translated into sales over the weekend, which tallies with the Business Times report (“Home sales pipe down as buyers turn more guarded”, September 20) suggesting about half of the 70 units were sold but most of the sales were secured over the previous weeks.

[bargain hunter]

From ST today,

"Over in Leonie Hill Road, Overseas Union Enterprise could not provide a sales update for its 99-year leasehold Twin Peaks project launched about a week ago.
But executive chairman Stephen Riady said he is confident of selling the 462-unit project, where homes are sold on a fully furnished basis.
The firm released 70 units for sale last weekend - the number needed to cover construction costs. It sold half of them, achieving prices of $2,890 psf.
Another 12 units are booked, having been reserved two months ago by buyers wanting to delay their decisions because of the cooling measures, he said."

could not provide update = zero sales lah hahaha. yah, "cooling measures does not affect prime and luxury"...yeaahhh right! hahaha

[devilplate]

From ST today,

"Over in Leonie Hill Road, Overseas Union Enterprise could not provide a sales update for its 99-year leasehold Twin Peaks project launched about a week ago.
But executive chairman Stephen Riady said he is confident of selling the 462-unit project, where homes are sold on a fully furnished basis.
The firm released 70 units for sale last weekend - the number needed to cover construction costs. It sold half of them, achieving prices of $2,890 psf.
Another 12 units are booked, having been reserved two months ago by buyers wanting to delay their decisions because of the cooling measures, he said."

could not provide update = zero sales lah hahaha. yah, "cooling measures does not affect prime and luxury"...yeaahhh right! hahaha

those 3x buyers must be shivering now?

[bargain hunter]

dun think so leh. i thought some forrumers said these pple buy and keep for long time type? doesn't matter price up or down? no need rental?

those 3x buyers must be shivering now?

[devilplate]

dun think so leh. i thought some forrumers said these pple buy and keep for long time type? doesn't matter price up or down? no need rental?

developer just nid to sell 70units to cover construction cost?

[bargain hunter]

dunno real or bluff, anyway din even manage to sell the 70.

developer just nid to sell 70units to cover construction cost?

[teddybear]

Can check how much they pay for the land?
Fully furnished won't cost much money lah. Give you fully luxury furnishings like Hansgrohe/Axor, Toto, Miele, marbles & granites flooring & walls & furnitures in whole house only like add another $150 psf only lah (you can buy resale and do a full luxury renovation to restore like new at about $150 psf!).

dunno real or bluff, anyway din even manage to sell the 70.

[proud owner]

Can check how much they pay for the land?
Fully furnished won't cost much money lah. Give you fully luxury furnishings like Hansgrohe/Axor, Toto, Miele, marbles & granites flooring & walls & furnitures in whole house only like add another $150 psf only lah (you can buy resale and do a full luxury renovation to restore like new at about $150 psf!).

true

somemore they mix high end marble with china tiles you also dunno

[teddybear]

Is this really so or you joking? (Experience people can tell marbles from tiles easily lah. But give you low-end cheap-skate marbles & granites many will most likely can't tell they are not high-end).

true

somemore they mix high end marble with china tiles you also dunno

[dtrax]

developer just nid to sell 70units to cover construction cost?

Ya lor, I read liao also stunt. Blood suckers, so the remaining units are pure profits haha

[proud owner]

Is this really so or you joking? (Experience people can tell marbles from tiles easily lah. But give you low-end cheap-skate marbles & granites many will most likely can't tell they are not high-end).

i dunt know cos i have not been there to see

BUT i know a developer ..
i know what they do and use

they have all branded appliances etc ..
italian marble flooring ..

branded faucets ..but the wall tile in toilets all use china tiles ..
just that your eyes get drawn to the faucets ..
even the kitchen .. you only see the appliances right ?

do you really take a good look at the tiles ?

this is what i meant by mixing expensive and cheap ..
and when u see 2500-3000 psf and all the expensive appliances .. you will think that EVERYTHING is high end ..

thats why i agree that to do up to really high end wont cost you 200 psf ..
so if Horizon tower there LH 1500 psf ??? + 200 psf i can make it as high end and move in like Twin Peak ..

so do you need to pay 2850 psf ?

[teddybear]

Horizon Tower different mah, left 70+ years lease, nobody want to hold anymore because time is running out. All those owning Horizon Tower mostly hoping for enbloc or to flip to somebody else to hold the baby (until lease runs out)! Because of enbloc speculation/element, nobody want to renovate because later gonna enbloc more loo gi. So end up estate is not in good condition. Prime properties must be in good condition & conducive for staying, otherwise why buy? (Not all private properties in CCR are worth buying ). Otherwise given that location easily worth $2k psf. So Twin Peaks is right market price (not over-valued - (Based on HK pricing of similar properties should be worth $6k psf? ), but Horizon Tower is under-valued (but for above reasons).
(Ops, Twin Peaks being also 99LH will see lots of their owners 20 years later doing same things as Horizon Towers owners! ).

i dunt know cos i have not been there to see

BUT i know a developer ..
i know what they do and use

they have all branded appliances etc ..
italian marble flooring ..

branded faucets ..but the wall tile in toilets all use china tiles ..
just that your eyes get drawn to the faucets ..
even the kitchen .. you only see the appliances right ?

do you really take a good look at the tiles ?

this is what i meant by mixing expensive and cheap ..
and when u see 2500-3000 psf and all the expensive appliances .. you will think that EVERYTHING is high end ..

thats why i agree that to do up to really high end wont cost you 200 psf ..
so if Horizon tower there LH 1500 psf ??? + 200 psf i can make it as high end and move in like Twin Peak ..

so do you need to pay 2850 psf ?

[Squall8888]

No one knows. Up or down, hard to predict. Many people also mock at those who bought Alexis, Livia etc but... who knows..

those 3x buyers must be shivering now?

[richwang]

developer just nid to sell 70units to cover construction cost?

This is a little bit worrysome. I guess they need to sell 70 units to cover certain stage of the construction.
In Singapore, the good thing is each Project has its own account. So money will not be mis-used for something else. But how about if the Developer cannot sell enough units? Do they allowed to pump cash into the Project account? If not, the "uncompeleted peoject" will just remain like that - uncompleted. You can see this in lots of countries: Thailand, China and even US.
If they are allowed to pump cash into the Project account to complete the project, share holders will suffer. UOE share price dropped 2% today. And MACD is entering negative. Let's hope they are not related.

Thanks,
Richard

[richwang]

This is a little bit worrysome. I guess they need to sell 70 units to cover certain stage of the construction.
In Singapore, the good thing is each Project has its own account. So money will not be mis-used for something else. But how about if the Developer cannot sell enough units? Do they allowed to pump cash into the Project account? If not, the "uncompeleted peoject" will just remain like that - uncompleted. You can see this in lots of countries: Thailand, China and even US.
If they are allowed to pump cash into the Project account to complete the project, share holders will suffer. UOE share price dropped 2% today. And MACD is entering negative. Let's hope they are not related.

Thanks,
Richard

UOE Share price dropped 6.5% today with 141M volume (normaly daily volume is 3M). Let's hope this will not trigger a big drop for other property counters.

Thanks,
Richard

[bargain hunter]

this is stock specific. controlling shareholders, Lippo Group, wants to raise $300+m by selling 120m shares at 2.80 so funds who are are going to get the placement can arbitrage by selling down first, hence the fall.

UOE Share price dropped 6.5% today with 141M volume (normaly daily volume is 3M). Let's hope this will not trigger a big drop for other property counters.

Thanks,
Richard

[EBD]

Ya lor, I read liao also stunt. Blood suckers, so the remaining units are pure profits haha

I think the 70 covers construction cost only, now way can be the land price too. They still have to recover the land cost.

UOE bought the place for 625m how can each of the 70 unit be 9m?

Sorry, I have a morbid fascination with this place, my old home - can see it 2 years on all black windows at night.

I never knew why they paid so much.... our sales team was damn good.

[bargain hunter]

cheap sales at Twin Peaks? 6 units #02 to #06 sold at standard price of 2702psf in oct. #30 sold at 3094psf in aug.

[sh]

cheap sales at Twin Peaks? 6 units #02 to #06 sold at standard price of 2702psf in oct. #30 sold at 3094psf in aug.

cheap meh? 99LH leh. low floor some more

[bargain hunter]

cheaper than before but most certainly not cheap yet.

cheap meh? 99LH leh. low floor some more