The new Gem Residences condo sold about 50% of its units in a single day ahead of today’s public launch.
That kind of successful sale has not been witnessed in more than a year, which experts noted it could be a reflection of appeal on this project based on location and pricing.
According to Mr. Eugene Lima, key executive officer ERA, the project is in Toa Payoh, which hasn’t had a launch for a while. The area is an established and mature HDB estate that has a high demand for new projects. The attractive prices also contributed to the success.
At the recent VIP launch, queues began forming very early in the morning with 300 units of the 578 selling at $ 1426 psf on average, by 6 pm.
The prices started at $ 578,000 being that of the smallest 1 bedroom of 452 sq ft. Almost 47% of the units have a price below $1m and 73% units with a price below $1.4m.
Mr. Vincent Ong who is the managing partner, Evia Real, said that the response pleased him. He added that more sales are expected today based on about 2500 expressions of interest that had been received.
Mr. Ong added that the project is priced lower as compared to the Alexandra Projects that are priced more than $1600 psf and Bishan projects priced over $1500 psf.
The developers mentioned that, while the most popular were the 1 and 2 bedroom units, even larger units portrayed good interest with the sale of one penthouse.
Potential buyers received a cash rebate of $7500 or $10000 during the launch, an offer that will go on until tomorrow.
Mr. Lim, ERA Realty said that the sales performance shows that buyers reserve their interests until they find a project with good value for their money. In the case of Gem Residences, the developer has included many features and put more effort in marketing.
Stars of Kovan has also launched last weekend. The project sold approximately 60% of its 395 units at its VIP launch last weekend.