DUO in Bugis is almost sold out
DUO Residences is a 99-year leasehold apartment. It is a joint venture between Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional. This is M+S Pte Ltd’s first project and has recorded bumper sales.
According to the developers, this project has sold almost of its initial release in just three days with a total of 468 units out of 540. This took almost 87% of concurrent sales in both Singapore and Malaysia.
According to Yasmin Tyebally, a lawyer that showed up in the show flat that day, that the development is a combination of issues in one place. It’s all collectively, but the business part is separated so there may be privacy. And she bought herself a 2-bedroom unit for 1.5 million dollars.
The development is a 49-storey residential block that also includes DUO Tower, a hotel complex, and a 39-storey commercial building. It will also provide a retail gallery at the ground podium that will be called DUO Galleria that will come up with a basement car park.
The average price was about $2,000 per square foot and the highest psf achieved was $2,600 for a studio apartment unit according to M+S. Most of the buyers were Singaporeans and a bulk of them is investors. The remaining percent were foreign buyers such as Chinese, Malaysians and Americans.
An OrangeTee research head, Christine Li, said that the strong sales at this residence could mean a smaller pool of investors for imminent launches and some investors have been waiting for projects like DUO and that they’ll only have one chance to buy an investment property and that they should go for something that suits them.
The Colliers International research head 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.