Despite selling close to 300 of its 578 units within four hours during a VIP sales booking last Friday (27 May), Gem Residences in Toa Payoh only sold about 15 units on the first weekend of sales, which translates to 55 percent of units sold.
On the day of the VIP booking event, buyers were seen queuing outside the showflat at Lorong 5 Toa Payoh from as early as 8am, raising the possibility of a quick sell-out.
Nevertheless, against the backdrop of property cooling measures and challenging market conditions, this is believed to be one of the most successful private condo launches in recent times.
The 99-year leasehold project is jointly developed by Gamuda Land, Evia Real Estate and Maxdin, and marks Malaysian-based Gamuda’s first foray into Singapore’s property market. The infrastructure and construction giant has a 50 percent stake in the consortium.
Although sales have slowed dramatically, Gamuda Land’s Managing Director, Chow Chee Wah, was satisfied with the response.
“We are very pleased that sales have done well so far despite today’s lacklustre property market. We have kept prices fair, and we believe this has played a huge part in drawing in buyers,” he said.
Units were sold at an average price of $1,426 psf, lower than the indicative pricing of $1,480 psf.
Vincent Ong, Managing Partner of Evia Real Estate, said earlier that many buyers were drawn to the larger three- to five-bedroom units, measuring between 936 sq ft and 1,313 sq ft.
Chow added that the project’s new club and condo concept, which includes privileges at Gamuda’s Horizon Hills Golf & Country Club in Johor, also proved popular.
Located near Braddell MRT station, the project is set to be completed in 2020.