DUO Residences, a joint venture between Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional and M+S’s first project that is launching soon, has recorded bumper sales.
According to M+S, this project has sold over 468 units out of 540 units that was initially released last 2013. It took almost 90 percent within three days of concurrent sales in both Malaysia and Singapore.
The average price was about 2,000 dollars psf and the highest psf achieved was 2,600 dollars for a studio apartment unit according to M+S Pte Ltd. Most of the buyers were Singaporeans and bulk of them was investors. The remaining percent were Chinese and foreign buyers from Malaysia and America. According to a lawyer, Yasmine Tyebally, the development is a mixture of things in one place, and it’s all together yet the commercial part is separated for privacy. She bought a 2-bedroom unit for 1.5 million dollars.
Aside from a 49-storey residential block, this integrated project also includes DUO Tower, a hotel complex, and a 39-storey commercial building. It will provide a retail gallery at the ground podium that is called a DUO Galleria that is with a basement car park.
PropNex chief executive Mohamed Ismail said that “In a buoyant market, an iconic development such as DUO would have commanded well over 2,000 dollars psf the average price could have been 2,200 dollars psf or more.”
Christine Li, an OrangeTee research head, said that the strong sales at DUO could mean a smaller pool of investors for imminent launches and the investors have been waiting on the sidelines for projects like DUO and that some investors only have one chance to buy an investment property and that will just go for something that suits them.
The research head of the Colliers International once said that since Clermont Residences and South Beach are likely to appeal to different buyers, their sales would probably not match by DUO’s success.