The 660-unit Duo Residences in Bugis had sold 468 units from the total of 540 units released as at 3pm on Friday (November 15, 2013), its developer M+S told The Straits Times. The average selling cost was about $2,000 per sq ft (psf) and the highest cost psf achieved was $2,600 psf for a studio apartment, M+S said in a report. “We’ve proven that it’s the right price,” said M+S chief operating officer Kemmy Tan.
Buyers are comprised of 78% Singaporeans and the 16% were mostly Indonesians, Chinese and Americans. Prospective buyers who spoke to The Straits Times at the Duo show flat said they like the fact that Duo Residences is part of a mixed development.
Officer Kemmy Tan, M+S chief operating told The Straits Times that demand was strong enough for the 49-storey project to “achieve a good pricing from the developer’s point of view”. Experts said the success of Duo’s launch indicates that competitively priced projects will do well as buyers are increasingly cost-conscious.
However, Christine Li, the OrangeTee research head said that in general, strong sales at Duo could mean a smaller pool of investors for imminent launches.
“Investors have been waiting on the sidelines for projects like Duo. Some investors only have one chance to buy an investment property, so they will just go for something that suits them and max out their budget,” she said.
Chia Siew Chuin, the Colliers International research head said that since Clermont Residences and South Beach are likely to demand to a different group of investors, their sales would probably not be hindered by Duo’s success.
“Property investors are quite savvy and know what’s available on the market. Some may be looking for a trophy project and think Duo is suitable, but others may be holding out for other projects,” said Ms Chia.