Thursday, April 11, 2013

Strong debut for Twin Fountains EC in Woodlands

The Straits Times  |  April 11, 2013

The first executive condominium (EC) to go on the market this year made a solid debut at its launch yesterday.

As of 5pm yesterday, there were 155 e-applications for Twin Fountains in Woodlands, said Frasers Centrepoint Homes chief executive Cheang Kok Kheong. That exceeded a third of the available units. Of that number, 31 per cent are by first-time buyers.

OrangeTee managing director Steven Tan said the number of applications was a positive sign, especially since the launch was on a Wednesday, meaning that many buyers may be too busy at work to submit their applications. It points to strong demand this weekend, he said.

The 418-unit project is being jointly developed by Frasers Centrepoint and Lum Chang.

Units are priced from $580,000 for a two-bedroom apartment to $1.26 million for a four-bedroom dual-key unit, with pricing ranging between $660 and $790 per sq ft (psf). The site was won for about $150 million, or about $302 psf per plot ratio, last October.

"We anticipate that the number of e-applications made will increase steadily over the 11-day e-application period, with more notable increases on weekends," Mr Cheang said.

E-application is open until April 21. Successful applicants will be able to book units on May 11. The project is due to be completed in October 2016.

The next EC project is the 653-unit Forestville, also in Woodlands. It is expected to go back on the market before the end of June.

The project, developed by Hao Yuan Investment but managed by MCC Land, was first launched last December. But it later transpired that Hao Yuan had not been authorised by the Urban Redevelopment Authority to sell any of the units yet.

Twin Fountains and Forestville would be the only EC projects this year to escape a ruling on buying dual-key units that took effect on Jan 12. Sales of dual-key units at future EC projects will be restricted to multi-generational families.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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