{"id":5425,"date":"2016-04-11T06:16:46","date_gmt":"2016-04-10T22:16:46","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=5425"},"modified":"2022-07-01T04:01:58","modified_gmt":"2022-06-30T20:01:58","slug":"first-qc-related-discount-hits-market-form-oue-twin-peaks","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/first-qc-related-discount-hits-market-form-oue-twin-peaks\/","title":{"rendered":"The first QC related discount hits the market in the form of OUE Twin Peaks"},"content":{"rendered":"
<\/div>
\"OUE
OUE Twin Peaks<\/figcaption><\/figure>\n

In March this year, we <\/span>covered<\/span><\/a> the impact that the Qualifying Certificate (QC) would have on the property market. Cove Development Pte. Ltd. has responded as predicted, offering a 15 per cent discount in the re-launch of OUE <\/span>Twin Peaks<\/span><\/a>. Here\u2019s what you need to know:<\/span><\/p>\n

A summary of the QC and its related discounts<\/b><\/h3>\n

The QC applies to foreign property developers. It requires that developments be completed within five years, and that all units be sold in the two years afterward. Failure to do so means incurring a penalty of 10 per cent of the land purchase price. In addition, the government may intervene to force-sell the remaining units.<\/span><\/p>\n

A property developer can pay extension charges, if they are unable to meet the deadline. These extension charges increase with each subsequent year. With regard to Twin Peaks, these charges would be $42.4 million for the first year, $84.8 million in the second year, and $127.3 million in the third year (UOB KayHian).<\/span><\/p>\n

Due to the high cost involved, property developers are inclined to discount remaining units, rather than pay extension charges. This is now the case with Twin Peaks, which reaches its QC deadline on 24<\/span>th<\/span> February 2017. At the time of writing, only 80 of 462 available units have been sold, prompting the developer to offer the 15 per cent discount.<\/span><\/p>\n

What is OUE Twin Peaks?<\/b><\/h3>\n

OUE Twin Peaks is a 99-year leasehold, 36 storey private condominium, located at 33 Leonie Hill (Singapore 239233). This places it in District 9 (Orchard Road), and is within walking distance of Ion Orchard. The closest MRT station is Somerset.<\/span><\/p>\n

Unit sizes are one bedroom (approx. 571 square feet), two bedrooms (approx. 1\/055 square feet), and three bedrooms (approx. 1,895 square feet.) It offers most standard condo facilities, including a pool, gym, Jacuzzi, tennis courts and BBQ pits.<\/span><\/p>\n

OUE Twin Peaks was completed in 2014 and has received the Temporary Occupancy Permit (TOP).<\/span><\/p>\n

Prices and an interesting payment option<\/b><\/h3>\n

One bedroom units will cost around $1.5 million, two bedroom units around $2.7 million, and three bedroom units cost around $3.8 million. This comes to a price range of around $2,700 to $2,900 per square foot. <\/span><\/p>\n

Besides the price discount, it will be possible for buyers to use a Deferred Payment Scheme (DPS.) This scheme is not common, as it is not allowed for uncompleted properties. As OUE Twin Peaks is already completed however, it is no longer subject to such restrictions. <\/span><\/p>\n

There are two versions of the DPS:<\/span><\/p>\n

Under the first version, buyers put down 20 per cent now to secure the Option to Purchase (OTP). They pay the remaining 80 per cent (along with any applicable taxes) on 30<\/span>th<\/span> December this year. <\/span><\/p>\n

Under the second version, buyers put down 20 per cent now, and pay the remaining 80 per cent (along with any applicable taxes) within two to three years. However, the title deed is withheld by the developer until payment is made. We understand that, using this second method, the discount will only be around 12 per cent. <\/span><\/p>\n

Being able to pay the remaining 80 per cent in two to three years offers two key advantages.<\/span><\/p>\n

First, the buyer can rent out the unit immediately, thus generating rental income in the two to three years before full payment is due. This helps to offset some of the cost, and the rental yields* will more than offset the smaller discount.<\/span><\/p>\n

(*Rental yields in the nearby Leonie Gardens is 3.4 per cent, and rental yields in District 9 often reach around three per cent.)<\/span><\/p>\n

Second, there is a chance that cooling measures such as the ABSD will be reduced or removed in the coming years. This is speculative, but a buyer could save a significant sum if there is reduced (or no) ABSD when it comes time to make full payment. <\/span><\/p>\n

For example, a foreign buyer who purchases a two-bedroom unit at $2.7 million could save $405,000, if the 15 per cent ABSD on foreigners is lifted by the time she makes the remaining payment.<\/span><\/p>\n

However, we stress again that there has been no indication from the government on when ABSD will be lifted.<\/span><\/p>\n

Should you rush to buy?<\/b><\/h3>\n

It is always tempting to rush in when such significant offers appear. However, we would caution buyers to remain focused on the fundamentals. Ensure that you are comfortable with rental yields and the risk of vacancy if you are a landlord \u2013 a vacant property is still a liability, whatever the discount you got on it. If you are, then check out units available in <\/span>Twin Peaks<\/span><\/a> on 99.co.<\/span><\/p>\n

Owner-occupiers, who are looking for a place to reside in the long term, should still place personal comfort over price discounts. A 15 per cent discount will not make up for 15 to 20 years of discomfort. <\/span><\/p>\n

Also, remember that this is not the only property that could yield developer discounts. Properties affected by the ABSD for developers also have time limits, and may also see further discounts as the year closes. <\/span>The Trilinq<\/span><\/a> is one example of this, and you can browse 99.co for more.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

In March this year, we covered the impact that the Qualifying Certificate (QC) would have on the property market. Cove Development Pte. Ltd. has responded as predicted, offering a 15 per cent discount in the re-launch of OUE Twin Peaks. Here\u2019s what you need to know: A summary of the QC and its related discounts…<\/p>\n","protected":false},"author":21,"featured_media":54237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,57131],"tags":[],"persona":[],"class_list":{"2":"type-post","9":"entry","10":"has-post-thumbnail"},"acf":[],"yoast_head":"\nThe first QC related discount hits the market: OUE Twin Peaks<\/title>\n<meta name=\"description\" content=\"Cove Development Pte. 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