Strong demand for DUO Residences in Bugis; over 85% sold
POSTED: 15 Nov 2013 20:58 | CNA
The preview launch for the 660-unit residential development started on Wednesday. And by 3pm on Friday, more than 85 per cent of the 540 units released in Phase one had been sold.
Duo Residences located in Bugis has received strong demand to its preview.
The preview launch for the 660-unit residential development started on Wednesday.
And by 3pm on Friday, more than 85 per cent of the 540 units released in Phase one had been sold.
The project is part of the Duo integrated development by M+S, a joint venture between Temasek Holdings and Khazanah Nasional.
The developer had priced the project at an average price of $2,000 per square foot, with over $2,600 per square foot for a studio apartment.
Singaporeans accounted for 78 per cent of the buyers, Malaysians (16 per cent) and other nationalities (6 per cent).
Kemmy Tan, Chief Operating Officer at M+S, said: “This clearly demonstrates that they appreciate the unique opportunity that this development offers, including iconic architecture, integrated offerings, connectivity with two MRT lines serving the development. There is no comparable development in this area.”
Great demand in Malaysia for upcoming Bugis condo
By Melissa Goh | POSTED: 13 Nov 2013 23:08 | CNA
Upcoming condominium Duo Residences in Bugis, slated to come on stream in 2017, is set to spice up Singapore’s skyline and rejuvenate the district.
Nestled within the heart of the city state, Duo Residences is making waves in Malaysia.
Analysts said the development will offer the largest number of homes in the city at 660 units.
According to marketing materials, indicative prices for units at Duo range between S$1,800 and S$2,000 per square foot (psf) on average.
It is the first integrated development undertaken by M+S Private Limited, a joint venture set up in June 2011 between Khazanah Nasional and Temasek Holdings, following a land swap agreement between Singapore and Malaysia.
Speaking after the recent opening of its show gallery in Plaza Mont Kiara in Kuala Lumpur, M + S Private Limited’s chief operating officer Kemmy Tan said the public from both sides of the causeway will be given the opportunity to take the first bite at the units when the project is concurrently launched in mid-November.
Ms Tan elaborated: “The fact we are launching it in these two markets first will give them the ability to buy in first because the demand has been quite strong … the two markets will have the ability to buy in and own a piece of the history.”
Designed by internationally acclaimed architect Ole Sheeren, the 49-storey tower forms part of the largest Duo integrated development that consists of a five star hotel, retail and office space.
The residential offerings include studios, one to four bedroom apartments and penthouses with a price range between S$1 million to over S$4 million.
Still, the developer believes the project offers a good investor value in scarce Singapore where supply is limited.
Ms Tan said: “To buy an apartment in the city with integrated concept and with two MRT serving the development, this is a rare find — any buyer should be looking at this angle. For Malaysians looking at alternatives other than Malaysia, (they) will look at Singapore as a natural choice because of the nearness, and how connected both countries are.”
With an expected rental yield of 4 per cent, the ease of connectivity between the two countries plus a potential capital appreciation and currency gains, Duo is bound to whet the appetite of well-heeled investors.
Khazanah and Temasek announce strategic joint investments in real estate
Khazanah and Temasek commit to joint developments in Iskandar Malaysia and Singapore
Khazanah Nasional Berhad (“Khazanah”) and Temasek Holdings (Private) Limited (“Temasek”) are pleased to announce the establishment of M+S Pte Ltd (“M+S”) and Pulau Indah Ventures Sdn Bhd (“Pulau Indah”).
Owned 60:40 by Khazanah and Temasek respectively, M+S will develop land parcels in Marina South and Ophir-Rochor in Singapore. Pulau Indah, a 50:50 joint venture between Khazanah and Temasek, will develop projects in Iskandar Malaysia in Johor.
These joint developments were supported by the Prime Ministers of Malaysia and Singapore in their Joint Statements of 24 May 2010, 22 June 2010, 20 September 2010 and 27 June 2011.
M+S develops two key sites in Singapore
M+S Pte Ltd will develop four land parcels in Marina South and two land parcels in Ophir Rochor, each as an integrated development.
An indirect wholly-owned subsidiary of UEM Land Holdings Berhad (“UEM Land”), a real estate company within Khazanah’s portfolio, and an indirect wholly-owned subsidiary of Mapletree Investments Pte Ltd (“Mapletree”), a Temasek portfolio company, have been appointed to oversee the marketing and development of the project at Marina South. For the Ophir-Rochor site, UEM Land and an indirect wholly-owned subsidiary of CapitaLand Limited (“CapitaLand”), another Temasek portfolio company, have been appointed to oversee the marketing and development.
Khazanah and Temasek are both committed to the successful commercialisation of these land parcels, which will include office, residential, hotel and retail components.
The gross development value of the project with a permitted gross floor area (“Permitted GFA”) of up to 501,020 sqm is estimated at approximately SGD11 billion (RM27 billion), subject to design and development plans.
Pulau Indah develops two new sites in Iskandar Malaysia
Khazanah and Temasek have worked together since last May to identify suitable sites in Iskandar Malaysia for joint commercial development. Two sites, one in Medini North and the other at the Heritage Cluster in Medini Central, have been confirmed.
Pulau Indah intends to develop serviced apartments, a corporate training centre, and commercial, retail, residential and wellness-related offerings on these sites. Khazanah and Temasek are currently in discussions and negotiations with potential partners and operators for the various components to maximize the commercial potential of the location.
The gross development value of the Iskandar project with a Permitted GFA of up to 1,365,675 sqm is estimated at approximately RM3 billion, subject to design and development plans.
Planning and design works for the projects had commenced in 1Q/2011. With the signing of these agreements today, the projects will move towards design and further implementation and delivery of the initial phases over the next five years.
Khazanah’s Managing Director, Tan Sri Dato’ Azman Hj Mokhtar, said: “We are honoured to be undertaking these exciting developments at these key sites in Singapore and Iskandar Malaysia with our counterparts from Singapore, Temasek Holdings. The development in Iskandar with Temasek will be highly complementary and builds on the momentum of existing and planned projects in Iskandar Malaysia, in which Khazanah has been involved since 2006. Both these projects mark our first joint development investment with Temasek, and we look forward to a strong and fruitful partnership in both Singapore and Iskandar Malaysia.”
Ms Ho Ching, Executive Director & CEO of Temasek, added: “Both the Khazanah and Temasek teams put in tremendous effort, working very closely together to develop the best ideas possible for our joint projects. We were also very fortunate to have the expert and highly professional support of leading real estate companies like UEM Land from Malaysia as well as Mapletree and CapitaLand from Singapore. I am also especially grateful for the guidance, advice and support of very experienced industry leaders who will guide the Singapore developments as key Board members of M+S. I look forward to the successful development of the projects both in Johor as well as Singapore.”
– End –
Khazanah Nasional Berhad
Mohd Asuki Bin Abas
Senior Vice President, Communications and External Relations Unit
Tel: +603 2034 0294
Temasek Holdings (Private) Limited
Director, Corporate Affairs
Tel: +65 6828 6509
New mixed use development coming up in Bugis
By Millet Enriquez | Posted: 14Nov2012 2338 hrs
A S$3 billion mixed development property is set to vastly alter the Bugis skyline over the next few years.
Named DUO, the property will comprise residences, offices, hotel and retail space.
Its developer, M+S, jointly owned by Malaysia’s Khazanah Nasional and Temasek Holdings, unveiled the design of the project on Wednesday.
By 2017, two new towers will be added to the Bugis skyline.
Enclosed in a park-like environment, DUO features 660 units of prime residences, 21 storeys of Grade A offices, a five-star hotel and close to 80,000 square feet of retail space.
Designed by a renowned architect Ole Scheeren, the project is connected to the Bugis MRT interchange that will link the East-West Line and the upcoming Downtown Line.
Its developers are optimistic it will draw strong interest when it launches for sale in early 2013 – with foreign buyers possibly eyeing the residential property.
Tan Sri Azman Yahya, chairman of M+S, said: “The large three international buyers in Singapore have been Malaysians, Indonesians and Chinese. So we expect that the ratio of buyers will be quite similar to any other offerings around the CBD (Central Business District) area. We do expect a significant number of international buyers.”
Property consultant HSR said homes in DUO could fetch up to S$2,000 psf depending on size, and a premium of 5 to 10 per cent, given its connectivity to the MRT station.
“Being a Khazanah project, we would expect demand to particularly come from Malaysian investors. The locality would boost the commercial hub status in the Bugis area. It has the potential of being Hong Kong’s ICC Tower or Kowloon East if marketed and priced properly to attract financial companies who are saddled with high cost within the financial district,” said Donald Han, special advisor at HSR Group.
The lack of Grade A offices in the area should also result in demand for the long term.
“Bugis office supply is confined to mostly grade B stock. The M+S office project can bring critical mass into the area, as a serious business hub. Residential within integrated mixed developments tend to enjoy a premium and sell well in today’s market,” added Mr Han.
Mr Scheeren said: “I have worked independently for Singaporean clients and independently for Malaysian clients, and I think what is really exciting about the project is that this is indeed a joint venture between both of them. Both the way that that is translated into the architecture and also in a way what that symbolises in itself, it may be both sensitive but also extremely positive.”
However, analysts said initial marketing in 2013 may not result in strong take-up, given that pre-leasing usually rises a year prior to completion.
Some analysts also cautioned of downward price pressures on the prime residential market, in light of the government’s cooling measures.
Nicholas Mak, executive director at SLP International Property Consultants, said office rents in the Bugis area could also face a downtrend in 2013.
CapitaLand and UEM Land Holdings are the project managers of the development.