Great demand in Malaysia for Duo Residences

Upcoming condominium Duo Residences in Bugis, slated to come on stream in 2017, is set to spice up Singapore’s skyline and rejuvenate the district.

Nestled within the heart of the city state, Duo Residences is making waves in Malaysia.

Analysts said the development will offer the largest number of homes in the city at 660 units.

According to marketing materials, indicative prices for units at Duo range between S$1,800 and S$2,000 per square foot (psf) on average.

It is the first integrated development undertaken by M+S Private Limited, a joint venture set up in June 2011 between Khazanah Nasional and Temasek Holdings, following a land swap agreement between Singapore and Malaysia.

Speaking after the recent opening of its show gallery in Plaza Mont Kiara in Kuala Lumpur, M + S Private Limited’s chief operating officer Kemmy Tan said the public from both sides of the causeway will be given the opportunity to take the first bite at the units when the project is concurrently launched in mid-November.

Ms Tan elaborated: “The fact we are launching it in these two markets first will give them the ability to buy in first because the demand has been quite strong … the two markets will have the ability to buy in and own a piece of the history.”

Designed by internationally acclaimed architect Ole Sheeren, the 49-storey tower forms part of the largest Duo integrated development that consists of a five star hotel, retail and office space.

The residential offerings include studios, one to four bedroom apartments and penthouses with a price range between S$1 million to over S$4 million.

Still, the developer believes the project offers a good investor value in scarce Singapore where supply is limited.

Ms Tan said: “To buy an apartment in the city with integrated concept and with two MRT serving the development, this is a rare find — any buyer should be looking at this angle. For Malaysians looking at alternatives other than Malaysia, (they) will look at Singapore as a natural choice because of the nearness, and how connected both countries are.”

With an expected rental yield of 4 per cent, the ease of connectivity between the two countries plus a potential capital appreciation and currency gains, Duo is bound to whet the appetite of well-heeled investors.

Source : Channel NewsAsia – 13 Nov 2013

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