May 19, 2010 - PropertyGuru.com.sg
Property developer Overseas Union Enterprise (OUE) will be launching the Twin Peaks project located at the site of The Grangeford next month.
Units in the 99-year Twin Peaks project at Leonie Hill Road will be fully furnished and OUE will launch the project at “market rates”, said OUE CEO Thio Gim Hock.
The average selling price of the project is approximately $2,700 psf to $3,200 psf, and one-room unit could cost at around $1.5 million.
About 60 percent of the 462-unit project is allocated to one-room apartments, and remaining units will comprise two-bedroom units at 1,060 sq ft and three-bedroom units measuring between 1,400 sq ft and 1,900 sq ft.
Some property consultants noted that Twin Peaks could attract more buyers despite its high psf price. Ong Choon Fah, executive director (consulting) of DTZ said that the location of the project is attractive, and with more one-room units available, the absolute outlay is more affordable.
Peter Ow, Knight Frank’s managing director of residential services, said that investors who plan to lease out the units instantly will benefit from the furnishings.
Tenants and buyers can choose from a list of furnishings, including the Foscarini lamps and Herman Miller chairs.
It was not clear how much the furnishings add to project costs but OUE said it was able to get discounts on these items through bulk purchases.
Mr. Thio said that the company will make its other projects fully furnished if there will be a good demand for the project. Twin Peaks is the only residential site of OUE as of today, but “we have some development projects we are negotiating”, said Mr. Thio.