Toa Payoh, one of Singapore’s oldest HDB estates and an integral part in the Nation’s housing history has been home to some for almost 50 years now. As part of HDB’s Estate Renewal programme in 1995, it is now an established and well-connected township in the central part of Singapore, much sought-after by property and business owners alike.
One of the recent launches, private residential project Gem Residences, will be a welcome addition to the area. And the public have shown their enthusiasm accordingly, as reflected in the 50% sales in the first day of sales even ahead of the public launch on Saturday. Industry experts are citing pent up demand for private condominium units in this estate as reasons for its more-than-positive sales figures.
Prices of the approximate 300 units sold were averaging at $1,426 psf. The 578-unit project offers up a arrange of units including one-bedders, two-room units and also penthouses. With the developer offering cash rebates of $7,500 to $10,000, buyers are taking the bait, fast and furious. Most of the smaller one- and two-bedders went quickly, with prices starting from $578,00 for a 452 sq ft one-bedder.
As a quick comparison, the average prices for new condominiums in Alexandra were at $1,600 psf and in Bishan, $1,500 psf. With the $1,426 psf pricing, the developers have shown that they are aware of what buyers are willing to fork out in the current market and are pricing more cautiously, sacrificing maximum profit margins for more palatable and sellable price structures.