The re-launch of OUE Twin Peaks Towers by OUE Ltd back in April sparked the trend of deferred payment schemes among completed condominiums within the high-end district.
The 35- storey OUE Twin Peaks towers comprises of 462 – unit and which has a 99-year leasehold period. It was completed back in February 2015. The twin towers are alike with each having 231 units.
When the tower was launched, the starting price for one-bedroom units with a 570 sq ft was $1.22 million. In May, prices were as high as $3,056 psf for a one-bedroom unit that is located as high as the 33rd floor and which was sold at a $1.68 million price tag.
With the success accompanied by the OUE Twin Peaks Tower 2, the company is now embarking on launching Twin Peak Tower 1. On 30 July, 93 units under the Phase 1 category will be launched. Buyers have the option of paying normally through progressive payment module or one of the two DPS payment module schemes. Those buyers who choose the latter will be required to pay more.
The buyers who opt to go for the first Payment Module will be required to pay 10% as booking fee and another 10% a fortnight later after they sign the option of purchase. Once they receive the vacant possession of the unit, they will pay $1000. This grants the owner the full rights to the unit. The rest of the balance will be cleared after two years from the signing of the option.
For the ones who will choose option two of the payment scheme, they will be required to pay a down payment of 20% once purchase option is activated. Should they choose to not activate the option of purchase, they can defer until 30th December. Once they exercise the option of purchase, then they will pay $1000 to obtain exclusive rights. The balance can cleared within two years starting from December 30. The only disadvantage of this is that one will not have rights to the unit until the purchase option is activated.
Once the Tower 1 is launched, prices will start from $2450 psf, with the units of 570 sq ft sold from $1.35 million.