Out of 578 units of Gem Residences, about 300 units were snapped up during the VIP sales booking last 27 May, opposing the trend of slow sales of developer in private housing market.
After seven years, Gem Residences is the first private condominium project to launch in Toa Payoh area. This project is jointly developed by Evia Real Estate, Gamuda Berhad and Maxdin.
Queues in VIP sales booking event began forming at 8 in the morning and since the showflat opened to the public, Gem Residences at Lorong 5 Toa Payoh received more than 2,500 registered visitors and approximate 1,500 expressions of interest.
The project offers 1 to 5 bedroom units and 2 penthouses available, sizes of units ranging from 452 sqft to 2,045 sqft, while prices of units start from $578,000 for 1 bedroom and $1.9 million for 5 bedroom units. The Average price of $1,426 psf is marginally lower compared to $1,480 psf indicative price.
According to Managing Partner of Evia Real Estate, Mr Vincent Ong, the popularity of the project attributed to its location, since the location is close to Toa Payoh HDB Hub and Braddell MRT station, and also the concept of new club and condo, such as weekly on-site medical consultation, international 24-hour concierge service, and privileges at amuda’s Horizon Hills Golf and Country Club in Johor.
The 99-year leasehold Gem Residences is expected to achieve its TOP in 2020.
Written by Siang Teck of Property Review. I can be contacted at [email protected]
