SINGAPORE: TG Development Pte Ltd has sold 34 out of 60 units at The Peak@Cairnhill II during its launch in January 2017. This bring its total take-up rate to date to more than 55 per cent. The units were sold on an average price of S$2,700 per sq ft.
“The luxury marketing is indeed showing signs of improvement in 2017. We are heartened by the good take up rates of our development as reflected by the 34 units sold to date,” said TG Development managing director Ong Boon Chuan in a statement.
Indeed, the Urban Redevelopment Authority’s (URA) third and fourth quarter of 2016 data showed that similar high-end developments such as OUE Twin Peaks and Gramercy Park registered good take-up rates.
According to caveats lodged on the URA’s Realis system, 55 and 8 units at OUE Twin Peaks and Gramercy Park respectively were sold in the fourth quarter of 2016. For the whole of 2016, 237 and 44 units were sold at OUE Twin Peaks and Gramercy Park respectively.
Additionally, 647 condominium units were sold in the prime districts of Sentosa Cove, Orchard Road, Newton and Bukit Timah for the whole of 2016. This is the only area that saw prices for non-landed private homes increasing by 0.1% in the same quarter.
“This shows quality developments such as ours can still move amid the challenging property market in Singapore. Buoyed by market confidence, we felt this was opportune time to launch The Peak@Cairnhill II and our results speak for themselves,” said Ong.
Located on the exclusive enclave of Cairnhill Circle, this luxurious development is located within the vibrant retail enclave of Orchard Road, Singapore’s premiere shopping belt and tourism destination.
The Peak@Cairnhill II comprises 58 two-bedroom and two-bedroom penthouse units. Of the 58 units, 28 units measure 904 sq ft while another 28 units measure 829 sq ft. Meanwhile, the two-bedroom penthouse units are generously sized at 1,884 sq ft and 1,864 sq ft respectively.
“Our good take up rates was due to the Enhanced Deferred Payment Scheme. In fact, most of the units were sold through this scheme.” said Ong.
Under the Enhanced Deferred Payment Scheme, buyers will only need to pay a 20% option fee. They also will be given a two year period to exercise the option-to-purchase. In the meantime, they sign a master tenancy agreement with the developer which allows them to rent out the unit and get rental income.
The developer is currently offering a 12% discount and absorbing two years of maintenance fees as well as property tax for buyers.
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