Twin Fountains' $1.64m penthouses sold out

By Romesh Navaratnarajah:

The Twin Fountains executive condominium (EC) in Woodlands has seen strong interest from buyers, with the only two available penthouses sold for S$1.64 million each. Aside from both units which are vast – measuring 2,207 sq ft, 104 dual-key units were also snapped up, The Straits Times reported.

Jointly developed by Frasers Centrepoint and Lum Chang, the development comprises 418 units of which 289 were sold as of Saturday. Buyers showed keen interest for the four-bedroom, dual-key units priced at around S$1.13 million to S$1.25 million.

According to the report, the dual-key units at Twin Fountains were exempt from January's new regulations which limits the sale of such homes to multi-generational families, hence the strong response.

Location may have also been another key selling point, with the upcoming Woodlands South MRT station and Woodlands Regional Centre expected to boost the value of homes in the project.

Meanwhile, first-time buyers accounted for 39 percent of the applicants, while the remainder were HDB upgraders.

"It is extremely encouraging to see that nearly 70 percent of the units have been booked on the first day of our launch," said Cheang Kok Kheong, Chief Executive at Frasers Centrepoint Homes.

Twin Fountains is the first EC launched for sale this year. It is set to obtain TOP by October 2016.

Image: Artist's impression of the facade at Twin Fountains

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg

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