OUE Twin Peaks to launch Tower 1 with new deferred payment scheme
By Cecilia Chow
/ The Edge Property |
OUE Ltd sparked the trend of deferred payment scheme (DPS) among completed condominiums in the prime district when it re-launched OUE Twin Peaks Tower 2 in April.
The 462-unit OUE Twin Peaks comprises twin 35-storey towers. The 99-year leasehold condo was completed in February 2015. Towers 1 and 2 are identical, and contain 231 units each.
When it launched the DPS for Tower 2, the starting price for a 570 sq ft one-bedroom unit was $2,100 psf or $1.22 million. Prices hit a high of $3,056 psf for a 549 sq ft one-bedroom unit on the 34th floor that was sold for $1.68 million in May. Only eight units are still available at Tower 2, according to agents.
OUE will release units at Tower 1 for sale on July 30 with two deferred payment scheme options
On the back of this success, OUE is now ready to launch OUE Twin Peaks Tower 1. A first phase of 93 units will be launched on July 30. Buyers can opt to pay by normal progressive payment or choose one of two DPS schemes available. Those who select the DPS scheme will have to pay a price that is 5% higher than those who buy under the normal progressive payment scheme.
Those who choose the first DPS scheme will have to pay a 10% booking fee and another 10% a fortnight later, upon signing the option to purchase. A further $1,000 is payable when they receive vacant possession of the unit. This allows the new owner to move in or to rent out the unit immediately. The balance 80% of the purchase price will only be payable two years after the option exercise date.
For those who select the second DPS scheme, they will have to pay a 20% downpayment upon signing the option to purchase. However, they can defer exercising the option until December 30. Upon exercising the option to purchase, they will then pay $1,000 and obtain vacant possession of the unit. The balance 80% will be due only two years later, starting from December 30.
The second DPS scheme may appear more attractive with an offer to defer exercising the option on top of deferring the balance 80% for the unit. However, by deferring the date of exercising the option to purchase, the buyer will also be deferring the date of obtaining vacant possession of the unit until December 30. This means the buyer will not be able to move in or rent out the unit until then.
For the launch of Tower 1, prices will start from $2,450 psf, with one-bedroom units of 570 sq ft from $1.35 million. All the units in Tower 1 will also be similarly furnished like Tower 2.
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