A scale model of Gem Residences at the showflat. (Photo: Christopher Chitty)
Gem Residences, the first private condominium to launch in Toa Payoh since 2009, has released the prices of its units ahead of its official launch next Friday (27 May).
The move to release its pricing list to the public this early goes against the current industry practice for developers to price according to interest at booking, with unit prices only revealed during the balloting process.
Speaking to reporters on Thursday (19 May), ahead of the opening of the project’s showflat today, Vincent Ong, Managing Partner of Evia Real Estate, said this will allow potential buyers to compare prices across the development and get their finances in order.
The 578-unit project consists of one- to five-bedroom units and two penthouses, with prices ranging from $578,000 for a one-bedder to around $1.9 million for a five-bedder.
“We have priced all our units competitively,” said Ong, whose firm is jointly developing the project with Gamuda Berhad and Maxdin.
In fact, the project’s average price was revised to $1,426 psf, slightly lower than its indicative pricing of $1,480 psf. This is also below that of other private condos in the Rest of Central Region (RCR), which have average selling prices ranging from $1,457 psf to $1,753 psf.
According to data from the Urban Redevelopment Authority (URA), prices at the nearby Trevista condo have been above $1.4 million in the past year. Over at the 16-year-old Trellis Towers in Lorong 1 Toa Payoh, half of the transactions over the past one year have been above $1,400 psf.
“We have received strong interest from prospective buyers since the show gallery was opened to the public in end-April,” shared Ong, adding that the project has already attracted more than 2,500 registered visitors and around 1,500 expressions of interest.
“Gem Residences is situated on prime land, which will only become more expensive in years to come. This, coupled with the lower selling prices, makes the condo stand out as a valuable and lasting investment choice,” added Ong.
Located near Braddell MRT station, the 99-year leasehold project is expected to obtain its TOP in 2020.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
