Listed developer OUE sparked the trend of offering deferred payment schemes for completed condominiums when it relaunched OUE Twin Peaks Tower 2 in April this year. On the back of the successful relaunch, it launched units at OUE Twin Peaks Tower 1 on July 30, offering similar DPS to buyers.
OUE has sold 210 units at OUE Twin Peaks since April. The figure is estimated based on URA caveat data as at Dec 19. Given the success of OUE’s DPS, other developers have followed suit with their own versions of the scheme.
OUE Twin Peaks comprises two identical 35-storey towers containing 231 units each. It is located in prime District 9, within walking distance of Orchard and the upcoming Great World MRT station. All 462 units in the condo are fully furnished by designers such as Charles and Ray Eames, Gerrit T Rietveld, Hans Wegner, Matthew Hilton and Tom Dixon.
Since its relaunch in April, an estimated 210 units at OUE Twin Peaks have been sold
OUE offered two DPS in July. Buyers who choose the first scheme have to pay a 10% booking fee and another 10% a fortnight later upon signing the option to purchase. They then have to pay $1,000 when they receive vacant possession of the unit. This DPS allows the owner to move into or rent out the unit immediately. The remaining 80% of the purchase price only needs to be paid two or three years after the option exercise date.
Under the second DPS, buyers have to pay a 20% down payment to receive the option to purchase and another $1,000 to exercise it. However, they can defer exercising the option until Dec 30. They then have to pay $1,000 when they receive vacant possession of the unit. The remaining 80% of the purchase price only needs to be paid two or three years from the date of receiving the option to purchase.
All 462 units in OUE Twin Peaks are fully furnished by designers
Future development in the CBD
OUE Downtown, formerly the DBS building, is being redeveloped into a mixed-use development comprising a mall, offices and serviced residences.
To enliven the CBD and address the challenges facing bricks-and-mortar malls in recent years, OUE sought to reimagine and redefine its lifestyle mall, Downtown Gallery at OUE Downtown. After consulting with futurist and trendspotter Faith Popcorn, founder and CEO of marketing and consulting firm BrainReserve, and a panel of experts from the US and Asia, OUE identified three key building blocks for the new mall — luxury, bespoke living and wellness.
The focus will be on interacting and engaging consumers and community building, says Patrina Tan, OUE senior vice-president of retail, marketing and leasing. As such, Downtown Gallery will have communal facilities such as a social kitchen, where people can cook and eat together with their friends. Other offerings include a preschool, a farmers’ market by The Providore, eight boutique gyms and an array of F&B outlets.
A model of the Downtown Gallery, scheduled to open in 1Q2017
OUE also announced on Dec 12 that Hong Kong-based The Work Project is its partner for a 20,100 sq ft coworking space on the entire fourth floor of Downtown Gallery. The space will be designed by Australian architecture firm Hassell, and there will be a vertical garden by French botanist Patrick Blanc.
The Work Project managing director Junny Lee says he is working with Acoustic Couture to design focus music customised for different spaces and tasks, and a scent expert to concoct a sensory experience to boost productivity and well-being. The Downtown Gallery mall has a net lettable area of 145,000 sq ft and is scheduled to open in 1Q2017.
OUE has also inked an agreement with Oakwood Asia Pacific under which the latter will manage the new Oakwood Premier OUE Singapore at OUE Downtown. The 268 serviced residences will offer a range of luxury facilities and services, including private dining, a swimming pool, a fitness centre and daily housekeeping and concierge services.
Luxury landed development
On Aug 18, OUE successfully tendered for two sites on 28 Nassim Road at a bid price of $56.6 million. The land parcels occupying 34,252 sq ft are located in Singapore’s most prestigious good class bungalow enclave and within the approved White House Park/Nassim Road Conservation Area. They are adjacent to Eden Hall, the official residence of the British High Commissioner, and were put up for sale by the UK government.
OUE clinched two plots of land in the Nassim Road GCB area for $56.6 million
The UK government carved up two plots (A and B) on the eastern side of Eden Hall for sale by public tender in January. Plot A has a site area of 18,620 sq ft and a 36m frontage on Nassim Road, while the 15,643 sq ft plot B has a long narrow driveway leading up to an elevated rectangular site adjacent to Eden Hall.
OUE clinched the two plots after they were relaunched for sale in June. The developer has the flexibility to reconfigure the site — keep it as a combined larger site or subdivide the two plots.
This article appeared in The Edge Property Pullout, Issue 760 (Dec 6, 2016) of The Edge Singapore.