Visitors at the sales gallery of Gem Residences. (Photo: GEM Homes)
Around 300 units at the 578-unit Gem Residences in Toa Payoh were snapped up during its VIP sales booking on Friday (27 May), bucking the trend of slow developer sales in the private housing market.
Queues began forming at around 8am in the morning. Jointly developed by Gamuda Berhad, Evia Real Estate and Maxdin, this is the first private condominium to launch in the area in seven years.
A mix of one- to five-bedroom units and two penthouses are available, with sizes ranging from 452 sq ft to 2,045 sq ft. Prices start from $578,000 for a one-bedder up to approximately $1.9 million for a five-bedder. The project has an average price of $1,426 psf, slightly lower than its indicative pricing of $1,480 psf.
Since the showflat at Lorong 5 Toa Payoh opened to the public in end-April, there have been more than 2,500 registered visitors and around 1,500 expressions of interest.
“It comes as no surprise that the one- and two-bedders have been very popular among the buyers; it mirrors the interest that we had collated from the ground in the past few weeks,” said Vincent Ong, Managing Partner of Evia Real Estate.
He added: “What is more surprising, is that our three-, four-, and five-bedroom units have also been drawing great interest. These units, especially the three-bedders, have been moving steadily since the start of the VIP sales. The positive reception of the public towards these larger units is an indication of buyers recognising that they are getting a good deal for units of that size.”
He also attributed the project’s popularity to its location (near Braddell MRT station and Toa Payoh HDB Hub), and its new club and condo concept, which includes an international 24-hour concierge service, weekly on-site medical consultation, and privileges at Gamuda’s Horizon Hills Golf & Country Club in Johor.
The 99-year leasehold development officially launches for sale to the public tomorrow. It is expected to receive its TOP in 2020.