Thursday, April 11, 2013

Woodlands exec condo starts from $660 psf

The Business Times  |  APRIL 10, 2013
Twin Fountains offers 418 units spread over eight 14-storey blocks

Frasers Centrepoint and Lum Chang have launched Twin Fountains, an executive condominium (EC) in Woodlands.

Located at the junction of Woodlands Avenue 6 and Woodlands Drive 16, the 99-year, 418-unit development comprises eight 14-storey blocks.

The available units range from two-bedroom to four-bedroom (Trio Deluxe), with two additional penthouse units. About 53 per cent, or 221 units, are three-bedders.

Units are priced from $580,000 for an 828 sq ft, two-bedroom unit to $1.26 million for a 1,593 sq ft, four-bedroom (Trio Deluxe) unit. They are priced between $660 psf and $790 psf. Frasers Centrepoint declined to give the price breakdown for each unit type, but said that floor level and orientation influenced a unit's price.

Ong Kah Seng, director of R'ST Research, said that Twin Fountains' pricing, especially for ordinary-sized EC units under $750 psf, will be attractive to buyers. He noted that transactions this year at La Casa, another Woodlands EC, averaged $760 psf, though these were resales.

Twin Fountains is situated near the Woodlands and Admiralty MRT stations.

It will be an eight-minute walk from the Woodlands South MRT station, part of the upcoming Thomson Line, when it is completed. The site is also near the Seletar and Tampines expressways, as well as the future North South Expressway.

The EC is expected to receive its Temporary Occupation Permit in October 2016.
Frasers Centrepoint and Lum Chang won the EC site last October with a bid of $150.18 million, or $302 psf ppr.

Twin Fountains is the first EC to be launched in Singapore this year, and Frasers Centrepoint and Lum Chang said that it is the first EC launched in Woodlands since 2005.

Another EC project in Woodlands, Forestville, is waiting for approval for its launch. The 653-unit EC is being developed by Hao Yuan.

Cheang Kok Kheong, chief executive officer of Frasers Centrepoint Homes, said that Woodlands was becoming more attractive for residential development.

"Woodlands has shaped up as a lively residential estate over the past decade, and with the government planning to further develop the town as a regional hub, it is expected to become even more attractive in the coming years," he said.

Mr Ong said that he expected buying interest to be "positive, though not overwhelming".

"There are other EC choices in the vicinity," he said, citing La Casa, Forestville and a new EC site launched in a government land sale in March.

"However, there should be sufficient demand arising from Woodland's longer-term rejuvenation potential," he added.

E-applications for Twin Fountains are open from today until April 21.

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

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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