Chitchat 50% of New Condo Project In Toa Payoh Sold! Where Got Recession!!

JohnTan said:

Around 50 per cent of new condo Gem Residences was sold in a day, ahead of its public launch today.

Such a successful sales result has not been seen in over a year, but experts noted that this likely reflected the appeal of this particular project.

"It's in Toa Payoh, where a launch hasn't taken place for some time. Toa Payoh is a very established, mature Housing Board estate and there is strong demand for new projects there," said Mr Eugene Lim, ERA Realty key executive officer. "The attractive pricing also played a part."


At the VIP launch yesterday, queues started forming early in the morning and, by 6pm, about 300 of the 578 units had been sold at an average of $1,426 per sq ft (psf).


Prices are from $578,000 for the smallest one-bedder of 452 sq ft. About 47 per cent of units are priced below $1 million and 73 per cent of units are priced below $1.4 million.

Mr Vincent Ong, managing partner of Evia Real Estate - joint developer together with Gamuda and Maxdin - said he was pleased with the response. Given the roughly 2,500 expressions of interest received so far, more sales should come through today, he added.

Prices at the project are lower than the over $1,600 psf for new Alexandra projects and over $1,500 psf for Bishan ones, said Mr Ong. "Today's market is a bit risky with Additional Buyers' Stamp Duty for developers and Qualifying Certificate issues. Some developers may wish to go for maximum margin, but it's a lot safer to price judiciously."

While one- and two-bedroom units were very popular, there was good interest as well for the larger units, with one of two penthouse units sold, the developers said.

Prospective buyers were offered cash rebates of $7,500 to $10,000 during the VIP launch. The offer will be extended until tomorrow .

Interior designer Eugene Wu, 26, who bought a two-bedroom unit for $980,000, said the location was very convenient and the price was good. He had been looking for his first home for over a year.

Mr Lim of ERA Realty, which is jointly marketing the project with PropNex Realty, said: "From the sales performance, we can tell that buyers reserve their ammunition for something that would give them good value for money - in this case, the developer has put many features into the project and effort into marketing."

Another launch this weekend is Stars of Kovan by Cheung Kong Property. It sold about 60 of a total of 395 residential units at the VIP pre-sale last weekend.

http://www.straitstimes.com/business/property/50-of-gem-residences-sold-in-a-day

Click to expand...

lifeafter41 said:

Think I am in the wrong line, should have been an interior designer, at 26 years old can afford to buy a 2 bedroom condo for almost 1million, don't know about the rest of the forumers here, really have fallen behind time Liao....... Sianzzzzzz.

Click to expand...

eatshitndie said:

my nephew has been applying relentlessly in 3 locations and not getting success. demand outstrips supply. i'm contented just sharing a room in bedok as bedok is becumming a happening town, especially bedok south.

Click to expand...

myfoot123 said:

The constant harping of recession is to try and depress worker's wages. I have never in my entire life believe in such crap called recession or downturn. People are still playing golf, send their pets for massage, whole family seen queuing at starbucks and cafe on weekend, lands are sold and condos are being built. Travel booked in advance this coming holiday and what did I miss?

Click to expand...

johnny333 said:

I think there is plenty of spin by the media to convince the public that all is well in Spore.
However if you look at the empty malls you will get a more accurate picture of the state of the Spore economy.

There is a good reason the PAP held early elections & we are just starting to see why. Companies are laying off staff & leaving Spore.

You can of course ignore the signs but I think Spore is in for a bad time.

Click to expand...

JohnTan said:

Around 50 per cent of new condo Gem Residences was sold in a day, ahead of its public launch today.

Such a successful sales result has not been seen in over a year, but experts noted that this likely reflected the appeal of this particular project.

"It's in Toa Payoh, where a launch hasn't taken place for some time. Toa Payoh is a very established, mature Housing Board estate and there is strong demand for new projects there," said Mr Eugene Lim, ERA Realty key executive officer. "The attractive pricing also played a part."


At the VIP launch yesterday, queues started forming early in the morning and, by 6pm, about 300 of the 578 units had been sold at an average of $1,426 per sq ft (psf).


Prices are from $578,000 for the smallest one-bedder of 452 sq ft. About 47 per cent of units are priced below $1 million and 73 per cent of units are priced below $1.4 million.

Mr Vincent Ong, managing partner of Evia Real Estate - joint developer together with Gamuda and Maxdin - said he was pleased with the response. Given the roughly 2,500 expressions of interest received so far, more sales should come through today, he added.

Prices at the project are lower than the over $1,600 psf for new Alexandra projects and over $1,500 psf for Bishan ones, said Mr Ong. "Today's market is a bit risky with Additional Buyers' Stamp Duty for developers and Qualifying Certificate issues. Some developers may wish to go for maximum margin, but it's a lot safer to price judiciously."

While one- and two-bedroom units were very popular, there was good interest as well for the larger units, with one of two penthouse units sold, the developers said.

Prospective buyers were offered cash rebates of $7,500 to $10,000 during the VIP launch. The offer will be extended until tomorrow .

Interior designer Eugene Wu, 26, who bought a two-bedroom unit for $980,000, said the location was very convenient and the price was good. He had been looking for his first home for over a year.

Mr Lim of ERA Realty, which is jointly marketing the project with PropNex Realty, said: "From the sales performance, we can tell that buyers reserve their ammunition for something that would give them good value for money - in this case, the developer has put many features into the project and effort into marketing."

Another launch this weekend is Stars of Kovan by Cheung Kong Property. It sold about 60 of a total of 395 residential units at the VIP pre-sale last weekend.

http://www.straitstimes.com/business/property/50-of-gem-residences-sold-in-a-day

Click to expand...

bhoven said:

It has all to do with slick marketing such as doorstep medical services, bicycle rental kiosks etc....what many fail to realise is that these will eventually be reflected in more costly maintenence and service fees. (sigh )

Click to expand...