High-end property market soon to see surge in supply of luxury units

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The property boom in Singapore in 2013 saw many older residential estates collectively sold en bloc to developers. With many of these having been developed into luxury condominiums and now set to be launched, the high-end property market is set to see a surge in supply.

Oue Twin Peaks is one such project as well. The development site was purchased en bloc from previous residents of Grangeford apartments back in 2007. Other developments that have recently entered the market include CDL’s Gramercy Park, a soon to be completed 174-unit luxury condominium.

The large influx of high-end condominium units has seen more competitive pricing and creative payment schemes in a bid to attract buyers. Developers Capitaland have recently released units from their latest luxury development, Victoria Park Villas, for pre-launch sales. Consisting of 106 semi-detached units and 3 bungalows, units here begin at $4.3 million for a 4,155 sqft area. In a better market, comparable units could have fetched nearly $6 million.

Over the last 5 years, prices of prime residential properties in Singapore have fallen nearly 20%, and now could be a good time for those looking to own a luxury condominium unit in a prime area.

OUE Ltd to offer tantalising 15% discount for Oue Twin Peaks Units

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With the deadline to finish selling all completed units looming, OUE has begun offering incredibly steep discounts on units in its latest luxury condominium, Oue Twin Peaks.

Under the conditions of the Qualifying Certificate (QC) issued to developers with foreign interest, OUE has two years from the date of completion to finish selling all completed units in Oue Twin Peaks, or face penalty charges.

Having sold for as much as $3,462 psf in 2013, property cooling measures in addition to these steep discounts have brought prices as low as $2,100 psf, recorded for the purchase of a 1,055 sqft unit in Jun 2016.

OUE Development to offer Two New Deferred Payment Schemes

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Following the success of their Deferred Payment Schemes for the now fully sold Tower 2, OUE Ltd is now set to launch Oue Twin Peaks Tower 1, with prospective buyers able to choose between a normal progressive payment scheme or from two new Deferred Payment Schemes. The two new Deferred Payment Schemes offered are detailed below.

Option #1

1. Buyers make a 20% downpayment upon signing the option to purchase
2. The remaining 80% to be paid 2-3 years later
3. Buyers are free to move in or rent the unit immediately
4. OUE will withhold the title deed until the full sum is paid

Option #2

1. Buyers make a 20% downpayment now
2. Option to purchase will be signed by the end of the year, and Additional Buyer’s Stamp Duty (ABSD) paid
3. Buyers can only move in or rent the unit once the option to purchase has been signed
4. The remaining 80% to be paid 2-3 years later
5. OUE will withhold the title deed until the full sum is paid

The second option will certainly seem attractive to many who foresee tweaks being made to the ABSD soon, with many in the industry believing that it can only be tweaked in favour of buyers.