Thursday, May 20, 2010

Another project to launch next month: TWIN PEAKS

Overseas Union Enterprise (UOE) will launch TWIN PEAKS – a project at the site of The Grangeford – next month. This is according to a report in BT.

Apartments at the 99-year TWIN PEAKS at Leonie Hill Road will be fully furnished and will be launched at “market rates”. A source flagged the possible selling price at $2,700 – 3,200psf, and estimated that a one-bedroom unit could cost around $1.5 million.

One-bedders at 550 – 570sqft will make up 60% of the 462-unit project. The remaining units will comprise two-bedders measuring 1,060sqft and three-bedders at 1,400 – 1,900sqft.

The said prices are comparable to those at projects nearby. Caveats lodged with the authorities show a unit at Grange Infinite changing hands for $2,862psf last month.

Buyers can choose from a list of furnishings, which include Herman Miller chairs and Foscarini lamps. OUE is able to get discounts on these items through bulk purchase – a Herman Miller chair can cost some 40% less than the retail price.

It is unclear how much the furnishings add to development costs. According to a Rider Levett Bucknall report in March, a luxury quality condominium can cost $334 – 465psf of gross floor area to build. The unit land price for The Grangeford was reported to be $1,810psf ppr.

Such fully furnished apartments are supposedly targeted at investors who wish to lease out their apartments straightaway once the project is completed. But the wife and I wonder how much premium one can really get on the lease with those Herman Miller chairs and Foscarini lamps…



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