Why OUE's occupation period for Twin Peaks gets a two thumbs up

It is currently 13% sold.

According to Maybank Kim Eng, OUE mentioned that it is in talks with authorities to convert one tower of Twin Peaks and DBS Tower One into serviced apartments, which can then be combined into a hospitality REIT.

It expects minimal DC charges as the value derived from existing use is higher or equal to the value of the proposed development, if there is no change in GFA.

There should also be minor structural alterations needed, such as escape stairways etc.

Here's more from Maybank Kim Eng:

Twin Peaks is scheduled for TOP in 2015 and is presently 13% sold (62 out of 462 units). Pending URA’s approval, we think this is a good move to ease the slow-moving high-end sales and also relieve the QC (Qualifying Certificate) requirement to sell all units within two years after TOP; Developers are also not allowed to rent out unsold units.

They pay 8%/16%/24% of the land purchase price ( pro-rated based on proportion of unsold units) for the 1st/2nd/3rd extra years respectively.

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