reporter2
22-05-16, 17:33
http://www.businesstimes.com.sg/real-estate/gem-residences-developers-give-full-price-list-ahead-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.
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.