City-fringe projects launching at almost the same time are competing for attention. The latest is Gem Residences, which has all eyes on it with its unveiling of showflats and release of unit prices on May 20 weekend.
Its preview was on April 30 to May, 2 weekends with the opening of the sales gallery. This 578-unit development on Toa Payoh Lorong 5/6 has seen at least 1036 potential buyers register interest. The developer is increasing ahead of the VIP and public launch on 27 and 28 May. According to Vincent Ong, managing partner Evia Real Estate, they are trying to hit 2000, which is the magic number.
Gem Residences is jointly developed by Malaysian Gamuda Land (50% stake) and 2 Singapore-based partners, Maxdin (30%) and Evia Real Estate (20%). It marks Gamuda Land’s first venture into Singapore property market after Kuala Lumpur and Malaysia.
Gamuda Land’s managing director Chow Chee Wah said that last year the company was exploring various government land sites with Evia and thought that Toa Payoh was ideal since no condo has launched there in a long time. The last was Trevista, which launched in 2009 and completed in 2011. The other two are Trellis Towers, which launched in 1996 and Oleander Towers, which launched in 1995. The tender closed with 14 bids with Gamuda and its partners submitting top bid at $345.86m.
The 2 and 3 bedrooms apartments are the most sought after. Also, the 37 triple key 3 bedrooms units are in high demand and will be sold through balloting during launch.
According to Ong, Gem Residences will differentiate itself from other projects by providing services for resident’s convenience such as the car-sharing system, uniformed housekeeping, mobile medical clinic and concierge staff.
Although the actual price for Gem Residences will be released on May 20, the guide price is $1,480 psf. There is also a discount for the early birds of between $7,500 and $10,000.
Gem residences preview coincided with Sturdee Residences public launch whose VIP preview had been on April 23 and 24 where 122 of its 305 units were sold. Ten more units were sold during launch with the 43% of the units selling at $1550 psf on average.
Viio@Balestier had a soft launch at the end of April and the past three weeks has seen 40% of its 56 units sold at $ 1,450 psf on average.
Stars of Kovan had its VIP preview on May 7 and drew 4000 visitors. The development is mixed use with 390 units above a retail podium. Its price range is $1550 to $1600 psf with its launch scheduled in May 21.
The race is between Gem Residences and Stars of Kovan, which will launch over in the next two weeks. This means developers need to have product differentiation to attract more attention.