DUO Residences offers last 10 choice units amid property buzz

By
/ EdgeProp
|
May 21, 2018 8:00 AM SGT
Integrated development DUO has been abuzz in recent months with the opening of the restaurants and cafés at DUO Galleria, the 56,000 sq ft retail space. The eateries include So France, which combines a French bistro, wine bar and gourmet supermarket; Peruvian restaurant Tono Cevicheria; La Cala Spanish restaurant; A Poke Theory health food restaurant; and Joe & Dough café.
The retail gallery was the last component to open at DUO on Beach Road, which is linked directly to the Bugis MRT interchange station for the Downtown and East-West Lines.
DUO is designed by German architect Ole Scheeren and developed by M+S (Credit: Samuel Isaac Chua/The Edge Singapore)
At the 660-unit DUO Residences, more than half the residents have already moved in. The office space at DUO Tower is almost fully taken up; and the 340-room Andaz Hotel opened last December.
Designed by celebrated architect Ole Scheeren, the $4 billion DUO is developed by M+S, a joint venture between Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings.
DUO Residences previewed just a few months after the total debt servicing ratio loan framework was implemented. Despite that, 468 units, or 71%, were taken up within the first three days of launch. The average transacted price was $1,987 psf, based on caveats lodged with URA Realis in November and December 2013.

Wave of positive sentiment

Riding on the wave of positive sentiment towards the second half of last year, transactions at DUO Residences have also picked up. Today, only 10 units are available for sale. They are predominantly premium units, ranging from the larger three-bedroom apartments of 1,528 to 1,772 sq ft and four-bedroom units of 1,841 to 1,927 sq ft to duplex penthouses from 2,497 sq ft. The prices of the remaining units start from about $2,100 psf.
All the smaller units in DUO Residences — studios and one- to three-bedroom units of 420 to 1,184 sq ft — have already been sold. The average price of units sold in the first five months was $2,249 psf, which reflects a price appreciation of 13.2% over the last five years. “Buyers of the remaining units can expect future capital appreciation as the residential property market continues to pick up,” says Dominic...