Oue Twin Peaks caused quite a stir back in 2011 when superstar Jackie Chan and singer-songwriter Wakin Chau bought three units prelaunch, closely followed by Mandopop Idol J J Lin. All four units purchased at that time were 571 square feet, one bedroom units.
The development was finally completed in February 2015. With such early Celebrity interest in Oue Twin Peaks’ investment potential, today, we’ll be showing you what all the hype’s about.
Developer & Architect
The sprawling 130,000 square feet area that Oue Twin Peaks sits on was the previous site of Grangeford apartments, which the OUE Development Pte Ltd group purchased en bloc for an incredible $625 million back in 2007. The OUE group has a strong portfolio prime retail & residential development & manging dating back 40 years.
Oue Twin Peaks’ stunning architecture is courtesy of internationally acclaimed architect Bill Bensley, whose portfolio includes incredibly luxurious resorts from around the globe, like Four Seasons Hangzhou, Shangri-Lau Boracay, and even the Istana Royal Palace, residence of the Sultan of Kuala Terengganu.
|Project Name||:||Oue Twin Peaks|
|Developer||:||OUE Development Pte Ltd|
|Address||:||33 Leonie Hill Road, Singapore 239197|
|Site Area||:||130,981 sqft / 12,168 sqm|
|No. of Units||:||462 Units|
|No. of Blocks||:||Two 36-story towers|
|No. of Carpark Lots||:||466|
|Expected TOP Date||:||Feb 2015 (TOP Obtained)|
A 99-year lease offering in prime District 9, Oue Twin Peaks is located a 5 minutes walk away from Orchard MRT, as well as the Orchard Road shopping district, with endless shopping & dining options nearby.
Oue Twin Peaks also offers a full range of condominium facilities, including a 35m Lap Pool & breath-taking views from its Sky Gym & Sky Loggias. Residents are also entitled to the use of an exclusive concierge service, and housekeeping services from the nearby Mandarin Orchard Hotel, also owned by the OUE Group. Refer to the Oue Twin Peaks’ Site plan below for more details.
Oue Twin Peaks Sales
Opening for pre-launch sales as early as July 2010, initial sales were pretty strong, with celebrity interest & foreign buyers from China and Indonesia driving sales. Back when Jackie Chan, Wakin Chau and J J Lin purchased their units, apartments in OUE Twin Peaks Condo were averaging $2,850 psf, reaching as high as $3,170 psf.
However, Oue Twin Peak’s official launch coincided unfortunately with housing policies to restrict foreign buying ability & other cooling measures, as well as an oversupply of newly completed developments from the property boom years. Average indicative price at the end of 2016 was $2,600 psf, with a record low of $2,100 psf for a 1,055 sqft unit recorded in June 2016.
This housing market dip has come at an especially poor timing for Oue Twin Peaks, as under the conditions of the Qualifying Certificate (QC) issued to developers with foreign interest, OUE group has 2 years to fully sell all units, or face penalty charges. These will come into effect February 2017, and has recently prompted Oue Twin Peaks to offer both steep discounts and creative payment schemes.
Having received its Certificate of Statutory Completion (CSC), Oue Twin Peaks is no longer bound by Housing Development Licensing rules, giving it greater flexibility in offering private treaties to prospective buyers. These include up to 15% discount on some units, and innovative deferred payment agreements.
One such scheme involves buyers paying 20% of the price as down payment, and only paying the remaining 80% two to three years later. The title deed, however, is withheld until the full payment is made, although the buyer can occupy or rent the unit freely.
Such schemes have helped Oue Twin Peaks floorplans sales, and at time of writing roughly 60% of units have been sold.