Sold: $1.64m penthouses at Woodlands executive condominium

Nearly 70% of units booked at launch; all 13 larger dual-key units snapped up

The only two penthouses at executive condominium (EC) project Twin Fountains were snapped up for $1.64 million each by noon on Saturday.

The development at Woodlands is the first EC to go on sale this year amid recent remarks by National Development Minister Khaw Boon Wan that he may relook the housing model.

Mr Khaw has noted that EC units net far bigger resale gains than Housing Board flats even as EC owners still receive Government subsidies. ECs start as public housing but become fully private after 10 years.

Of the 418 units, 289 were sold by 6pm. Buyers had registered their interest in April. The project is jointly developed by Frasers Centrepoint and Lum Chang.

Apart from the penthouses, which have a size of 2,207 sq ft, the 104 dual-key units, also known as Trio units, sold like hotcakes.

By about 11am, all 13 of the larger four-bedroom, dual-key units were snapped up. These went for about $1.13 million to $1.25 million each. There were also three- bedroom dual-key units.

Prices for the units start at about $580,000 for a two-bedder, with an average price range of between $660 per sq ft (psf) and $795 psf.

One factor that may have encouraged buyers to opt for the dual-key units is that a new requirement introduced in the January property cooling measures - that such units be sold only to multi- generational families - does not apply to Twin Fountains.

Buyer K.K. Lau, 48, a public servant, and his wife, telecommunications senior executive Joyce Tong, 46, were eyeing a four-bedroom, dual-key unit to live in with their parents and children.

They had to settle for a three-bedroom, dual-key unit after their preferred choice was no longer available when their turn came.

Frasers Centrepoint estimated that first-time buyers made up 39 per cent of the applicants who turned up, and HDB upgraders made up the rest.

The location, Woodlands, was another reason for the project's popularity.

Information systems manager Gerlin Goh, 34, told The Sunday Times that she was partly motivated to buy her 1,055 sq ft three-bedroom unit because of its location.

Other buyers said they expect the upcoming Woodlands Regional Centre and Woodlands South MRT station to increase the value of their homes.

Frasers Centrepoint Homes chief executive Cheang Kok Kheong said: "It is extremely encouraging to see that nearly 70 per cent of the units have been booked on the first day of our launch."

Twin Fountains is expected to receive its Temporary Occupation Permit in October 2016.

The showflat will be open from today for walk-in buyers to make their selections, from 10am to 6pm daily.