OUE started the trend of deferred payment scheme (DPS) among the completed condominiums in the prime district after it re-launched OUE Twin Peaks Tower 2 last April.
This OUE Twin Peaks is a 99-year leasehold condo that has twin 35-storey towers with 462 units. It was completed in February last year. These two towers contain 231 units each that makes it completely identical.
When the launch started for a DPS for Tower 2, the starting price was $2,100 psf or $1.22 million for a 570 sq ft 1-bedroom unit. The price hit $3,056 psf for a 549 sq ft 1-bedroom unit on the 34th floor and was sold for $1.68 million in May.
From this success, OUE was ready to launch Tower 1. The first phase, which is 93 units, launched last July 30. Buyers can pay by normal progressive payment or choose one of the two DPS schemes. Those who choose the first DPS scheme will have to pay a 10% booking fee and another 10% a fortnight later, and for those who selected the second DPS scheme, have to pay a 20% down payment upon signing the option to purchase. Buyers can choose this option until December 30. The remaining balance will due two years later and will start at December 30.
The second DPS scheme is more attractive with an offer to defer exercising the option on top of deferring the balance 80% for the unit. By deferring the date of exercising the option to purchase, the buyer should also be deferring the date of taking vacant possession until December 30. This means the buyer will not be able to move in or rent out until then.
Prices from the launch of Tower 1 will start from $2,450 psf, with 1-bedroom units of 570 sq ft from $1.35 million. All the units in Tower 1 will be identically furnished from units of Tower 2.