Dominic Lee had been driving by OUE Twin Peaks each day most of the last 2 years. The 42-year-old PropNex Realty’s brand district director thought that the project was stunning and requested that they be appointed its marketing agent. By last year September, PropNex was the fourth marketing agent alongside Savills, Centaline and CBRE.
Despite having a 12% discount, OUE only sold a few units on its relaunch last November something that was attributed to its high price. However, it all changed on Labor Day weekend, April 29 – May 1, when deferred payment scheme was offered. This saw Lee and 20 agents in his team sell almost 20 units over that weekend.
Until now PropNex agents led by Lee have sold 36% or 78 units with Lee selling 11 units. Only a few units are unsold since the scheme’s launch 2 months ago. Only one tower at OUE has been for sale while the other tower is reserved for bulk purchase. Each tower has 231 units at 36 storeys.
According to Lee, the scheme drew buyers to the development with 60% of the sales being under it.
After OUE Twin Peaks success, PropNex is now marketing Gramercy Park, a freehold luxury condominium by City Developments whose TOP was in May. Savills and JLL marketed it in Surabaya and Jakarta while Christie’s International was in Hong Kong and PropNex will be in Singapore.
Based on June 20 caveats, Gramercy Park sales prices ranged from $2,424 to $ 2849 psf. Lee observes that the price is attractive in prime District 10 which has caused sales to pick up.
Also, 2 units at OUE Twin Peaks surpassed the $3,000 psf mark in the month of May with the 3 bedrooms selling at $3,009 psf and 1 bedroom at $3,056 psf.
Lee has been focusing on high-end condominiums located in prime districts since joining PropNex ten years ago. His first project was Marina Bay Residences where all units sold in 3 days at $1,850 psf. At the time, Lee was representing investors and not developers. Other than selling, he also purchased units at Marina Bay Residences, The Sail and Sentosa Cove condos which; he has since sold.
The first time he represented a developer was with OUE Twin Peaks.