DUO condominium sees 87% take-up rate

SINGAPORE: The 49-storey residential tower in the DUO integrated development of Singapore’s M+S Pte Ltd saw a take-up rate of 87% during its five-day preview which ended on Sunday.

A total of 574 units of the 660-unit development were sold at an average of S$2,000 (RM5,140) per sq ft (psf). Singaporeans accounted for around 70% of the buyers, Malaysians (14%), with other nationalities (16%).

The unit built-ups range from 420 sq ft to 1,927 sq ft that include studio and 1-bedroom to 4-bedroom layouts with views of Marina Bay, Raffles Place and Kampong Glam.

According to M+S COO Kemmy Tan, the sales reflect the strong demand for integrated work-live-play projects, the opportunity to buy units in the premium residential development that offers grade A commercial space and a retail component, providing an enviable lifestyle environment for home owners and good rental returns for investors.

“The interest in DUO augurs well
for our upcoming Marina One development in the heart of Marina South, Singapore’s new financial district,” she said. “Marina One will also offer excellent connectivity to four of Singapore’s six MRT lines.”

DUO is sited on 26,688 sq m and the integrated development will also comprise a 39-storey tower with Grade A office space, a five-star hotel and a retail gallery, all set within a park-like environment. It has a gross development value of S$4 billion. The office space is designed to meet a Green Mark Platinum rating.

DUO is designed by internationally acclaimed architect Ole Scheeren.

M+S is a 60:40 joint venture company between Khazanah Nasional Bhd and Temasek Holdings.

It was set up on June 2, 2011 to develop four land parcels in Marina South and two parcels in Ophir-Rochor as integrated developments Marina One and DUO Residences respectively.

This article first appeared in The Edge Financial Daily, on November 22, 2013.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.