SINGAPORE — Amid a weak property market, nearly 1,500 prospective buyers have registered their interest in the 578 units at Gem Residences, an upcoming private condominium in Toa Payoh that will be the first to allow its residents to use their EZ-Link cards as keys and access cards for facilities, said its developers yesterday. Upcoming executive condo include Treasure Crest and Northwave EC while existing ones include The Terrace EC, Brownstone EC, The Visionaire EC, Parc Life EC , Waterwoods EC, Signature at Yishun, Skypark Residences, Wandervale EC, The Vales EC, The Criterion EC, Bellewaters EC, Bellewoods EC.
Apart from its collaboration with the EZ-Link firm, the consortium behind the residential project — comprising Gamuda Berhad, Evia Real Estate and Maxdin Pte Ltd — also said that it has tied up with Horizon Hills Golf & Country Club, which will allow its residents access to the exclusive club in Malaysia.
At a media briefing, the consortium announced that prices for a one-bedroom apartment at Gem Residences range from S$578,000 to S$741,000, while a two-bedroom unit carries a price tag of between S$750,000 and $1,156,000.
Buyers looking at three-bedroom units can expect to pay between S$1,215,000 and S$1,559,500, while four-bedroom units will cost between S$1,656,000, and S$1,822,000.
Five-bedroom units at the condominium, which is located along Toa Payoh Lorong 6, cost between S$1,750,000 and S$1,912,000.
Mr Vincent Ong, Evia Real Estate’s managing partner, said he believes that the consortium has managed “to price all our units competitively”.
“We have received strong interest from prospective buyers since the show gallery was opened to the public in end April,” he added.
The consortium will be launching the sale of the units at Gem Residences next Friday.
Prospective buyers can check the pricing of all units from today, when the show flats — located at Toa Payoh Lorong 5 — will be open to public viewing.
Property analysts TODAY spoke to believe the condominium’s prime location has made it an attractive choice for prospective buyers.
“Toa Payoh is still a very popular estate, and there will be a significant number of upgraders since there have been no private condominium launches in the past seven or eight years (in the estate),” said Mr Ku Swee Yong, chief executive of Century 21 Singapore.
Mr Chris Koh, director of property firm Chris International, noting that buyers are price-sensitive, said: “If you price your development at an acceptable price, buyers will be keen to have a look and put in an application.”
Mr Koh added that because of Gem Residences’ prime location, potential buyers are willing to pay a premium for the units as they will be able to make use of the HDB amenities that Toa Payoh has to offer, while enjoying the condominium’s facilities.
Mr Colin Tan, director of research and consultancy at Suntec Real Estate Consultants, also believes that Gem Residences’ value-added services, such as its tie-up with EZ-Link, might be one of the reasons behind the healthy interest shown by potential buyers.
“I think the interesting features are there. It helps to promote interest.
“The price may deter some people, but because of the interesting features, people may actually be bothered to come and survey and subscribe first (to the project),” Mr Tan said.