Jointly developed by Evia Real Estate, Gamuda Berhad and Maxdin, the project sits on 130,832 sq ft of land and contains 578 apartments across two towers. Unit sizes range from 452 sq ft for a one-bedroom unit to 2,045 sq ft for a six-bedroom penthouse.
The consortium was the highest bidder among 13 others for the hotly contested site back in June 2015, with an offer of $345.86 million ($755 psf).
This is Evia and Gamuda’s first foray into private condominiums and property projects in Singapore, respectively.
Pricing details are yet to be confirmed, but data from the Urban Redevelopment Authority (URA) and PropertyGuru shows that condos in Toa Payoh and Balestier are going at an average of $1,000 psf.
Located at Lorong 4 and Lorong 6 Toa Payoh, the 99-year leasehold development is close to two MRT stations (Braddell and Toa Payoh), Toa Payoh Shopping Mall and HDB Hub. Several established schools are also in the vicinity.
Vincent Ong, Managing Partner of Evia Real Estate, said: “Gem Residences is definitely set to shake things up in Toa Payoh. We believe that there is a pent-up demand for private housing in this area as it is one of the most highly-populated public housing estates in Singapore with only three condominiums.”
He added: “We are also very glad that the Ministry of National Development has announced the rejuvenation of Toa Payoh town with more greenery, covered shopping streets and dedicated cycling paths. This gives us confidence that the development will be well-received by upgraders and first-time buyers.”
Gem Residences is expected to obtain its TOP in 2020.