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Thread: GEM Residences developers give full price list ahead of launch

  1. #1
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    Default GEM Residences developers give full price list ahead of launch

    http://www.businesstimes.com.sg/real...head-of-launch

    GEM Residences developers give full price list ahead of launch

    By Lynette Khoo

    [email protected]

    @LynetteKhooBT

    GEM Residences, a 99-year leasehold project in Toa Payoh jointly developed by Gamuda, Evia Real Estate and Maxdin Pte Ltd, will go on sale at an average S$1,426 per square foot

    May 20, 2016


    IN what could be the first in recent years, developers of an upcoming private condominium project have released the full price list one week ahead of launch and is making a commitment to stick by that price list.

    GEM Residences, a 99-year leasehold project in Toa Payoh jointly developed by Gamuda, Evia Real Estate and Maxdin Pte Ltd, will go on sale at an average S$1,426 per square foot (psf), lower than the earlier indicative market pricing of S$1,480 psf.

    The release of prices for all 578 units comes ahead of the launch of Stars of Kovan by Cheung Kong Property this weekend. The latter had revealed average pricing of about S$1,550 to S$1,600 psf for 390 condo units.

    Under current regulations, developers of private residential projects are not required to disclose actual prices of the released units until balloting day, but developers will usually provide indicative prices before the launch.

    This is unlike executive condominiums (ECs) for which developers need to submit their price list to HDB and release that price list in the showflats two days before balloting day.

    Vincent Ong, managing director of Evia Real Estate, said the developers wanted to be transparent about the prices early on and give buyers the time to think through their purchases properly.

    GEM Residences is the first private residential project for Evia Real Estate, which has undertaken only ECs in the past, including Lakelife in Jurong.

    The prices of the different units will range from S$1,279 to S$1,551 psf, with the smallest one-bedder of 452 sq ft starting from S$578,000. Some 47 per cent of units are priced below S$1 million and 73 per cent of units are priced below S$1.4 million.

    Mr Ong noted that prices are competitive compared to nearby comparables. For the past one year, some 17 out of 23 transactions in Sky Habitat and 99 out of 135 transactions in SkyVue in Bishan are above S$1,500 psf.

    Ismail Gafoor, CEO of PropNex Realty, one of the marketing agents of GEM Residences, noted that releasing a full price list early is "a right move in the market" as it provides ample time for buyers to digest the price information and work out their financing.

    "For developers, when they know their pricing is right, there is no reason to hold back. For buyers to feel secure to enter with the necessary loans, knowing the actual prices is helpful," he said.

    GEM Residences will also be the first private residential development where SP Telecoms' smart homes solutions are made available.

    SP Telecoms, part of Singapore Power, said GEM Residences will be the first smart residential project to come enabled at launch with Wi-fi and broadband access at all common areas and 12 months of free home broadband for all residents.

    "Dual-key and three-key residences will also be able to see how their electricity and water utilities costs are broken down, thanks to the installation of intelligent sub-metering devices," said SP Telecoms CEO Poh Mui Hoon.

    There are 37 units for dual-key and 37 trio-key residences at GEM Residences. Separately, GEM Residences is partnering Horizon Hills Golf & Country Club in Malaysia to offer residents privileges outside of Singapore.

    Its partnership with Horizon Hills marks the exclusive club's first tie-up with an external party.

  2. #2
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    Default Strong interest in Gem Residences in Toa Payoh

    http://www.straitstimes.com/business...s-in-toa-payoh

    Strong interest in Gem Residences in Toa Payoh

    May 20, 2016

    Wong Siew Ying


    If the plentiful expressions of interest received were anything to go by, the 578-unit Gem Residences at Toa Payoh would have been sold more than twice over.

    Evia Real Estate, one of the consortium partners behind the project, yesterday said property agents have already collected 1,449 cheques as expressions of interest from prospective buyers a week before the project is launched for sale.

    The 99-year leasehold project, comprising two tower blocks, is within walking distance of the Braddell MRT station.

    The showflat opens for viewing from today till Sunday. And in a move that deviates from the norm, the developers of Gem Residences are unveiling the pricing of all units to the public before the launch. Typically, developers provide only an indicative price range, and home buyers do not learn the exact price of their preferred unit until the balloting exercise during the launch.

    "Currently private condo buyers go into the ballot room not knowing whether he has the unit, what the price is and what alternatives he has besides the unit," Evia Real Estate managing partner Vincent Ong said at a media preview yesterday.

    In a move to make the process more transparent and to give buyers more time to consider their options, Mr Ong said prices of every unit - except the two penthouses - will be put up via detailed coloured charts at the showflat.

    The prices on display are what Mr Ong called "VIP pricing", and will be valid for only one day on May 27, when booking for units starts. After that, prices will be 2 per cent more.

    The special price works out to an average of $1,426 per square foot, lower than the indicative pricing of $1,480 psf announced previously.

    A one-bedroom apartment would cost $578,000 to $741,000, for a two-bedder $750,000 to about $1.16 million, and $1.22 million to $1.56 million for a three-bedder.

    Prices for larger apartments such as the four-bedders go from $1.66 million to $1.82 million, while the five-room units cost between $1.75 million and $1.91 million.

    Mr Ong said the profit margin is about 9 per cent, and it is hoped the competitive pricing will drive sales.

    "Our plan is to sell it deep enough for the first day... Today, with the various cooling measures, if you don't sell enough, it takes a long time to move the balance of units."

    Based on a sample of 1,000 expressions-of-interest tracked by the developers, 73 per cent of them have HDB addresses. And of the 1,000 prospective buyers, the majority are keen on the one-, two- or three-room apartments. Close to 60 per cent of units are one and two bedders, from 452 sqft to 775 sqft. The three to five bedders are 936 sqft to 1,313 sqft.

    Apart from Evia Real Estate, the other two firms which are jointly developing Gem Residences are Gamuda Berhad and Maxdin.

  3. #3
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    http://www.theedgeproperty.com.sg/co...gem-residences

    Developers unveil showflats, release prices for Gem Residences

    By Tan Chee Yuen / The Edge Property | May 20, 2016 9:40 AM MYT


    The joint developers of Gem Residences, Gamuda Land, Evia Real Estate and Maxdin Pte Ltd, announced the pricing of the units located at Toa Payoh Lorong 5 and 6. This followed the opening of the showflats for public preview from today until Sunday.

    The 99-year leasehold Gem Residences will be priced in the range of $1,279 to $1,551 psf or at an average of $1,426 psf, which is slightly lower than the initial indicative price of $1,480 psf. The VIP preview for the project will be held on May 27, with the public launch on May 28.

    One-bedroom units sized from 452 sq ft will be priced between $578,000 and $741,000, while two-bedroom units from 570 sq ft will be priced between $750,000 to $1.16 million. Three-bedroom units sized from 936 sq ft will cost around $1.2 million to $1.56 million. Four-bedroom units of 1,249 sq ft will be rolled out at prices from $1.66 million to $1.82 million, while five-bedroom units of 1,313 sq ft will be in the range of $1.75 million to $1.91 million.

    As of May 19, about 1,500 people have registered interest in the development that will have a total of 578 units. The project is said to be located within 500m of Braddell MRT station on the North-South Line.

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