Ahead of the official launch on 27 May, the 99-years leasehold private condominium "Gem Residences" to launch in Toa Payoh has released the prices of its units.
The strategy to release its pricing list this early to the public goes against the current practice of industry that developers set the price according to interest at booking, and prices of unit only announce during the balloting process.
According to Managing Partner of Evia Real Estate, Mr Vincent Ong, the release of pricing list this early will allow prospective buyers to compare prices against the development and get finances in order.
The 578-unit Gem Residences comprises of 1 bedroom to 5 bedroom units and 2 penthouses, while prices of units will range from $578,000 for a one-bedder and approximate $1.9 million for a 5 bedder units.
Average price of Gem Residences was revised to $1,426 psf, marginally lower than its suggestive pricing of $1,480 psf. Project’s price is also lower compared to other private condos located in the Rest of Central Region (RCR) with average selling prices from $1,457 psf to $1,753 psf.
Developed by Evia Real Estate, Greatearth and Gamuda, Gem Residences is expected to obtain its TOP in 2020.