Gem Residences is poised to be the next condominium under the real estate market spotlight. After a long wait of seven years, HDB finally released a private residential site in the matured Toa Payoh estate. Competitively bided by 14 hopeful developers, the new Toa Payoh condo attracted a top bid of S$345.86 million from Evia Real Estate and Malaysia’s Gamuda Bhd. This works out to be approximately $747 per square foot per plot ratio and a break even of $1250 psf factoring in construction and other miscellaneous costs. Property expert forecast the Gem Residences psf to be in the range of $1450psf to $1550 psf during launch.
Gem Residences developer Evia Real Estate Pte Ltd, Maxdin Pte Ltd and Gamuda Berhad (GEM Homes Pte Ltd) is set to build 2 towers of 578 residential units housed by 1 tower of 37 storey and another tower of 38 storey. Gem Residences condo will also have 578 parking lots and exciting communal facilities such as a 50m swimming pool, Gym, BBQ pit, 24 hours security and many others to serve residents. Tentatively, the expected unit mix that Gem Residences will offer 1 bedroom(455 – 484 sqft) / 2 bedroom(594 – 696 sqft) / 2 bedroom Dual-Key(778 sqft) / 3 bedroom(932 – 988 sqft) / 3 bedroom Tri-key(987 sqft) / 3 bedroom Premium(1027 sqft) / 4 bedroom(1238 sqft) / 5 bedroom(1297 sqft).
Gem Residences location is extraordinarily unique. The 99 year old leasehold development in district 12 is surrounded by a plethora of amenities and connectivity. Toa Payoh is famous for the number of wet markets, food centres and eating houses. Dwellers of Gem Residences Toa Payoh will be spoilt for choices such as Lorong 4 Toa Payoh Block 93 Market and Food Centre, Lorong 5 Toa Payoh Block 75 Food Centre, Lorong 8 Toa Payoh Block 210 Market And Food Centre, Toa Payoh Vista Market, Kim Keat Palm Market, Food Centre, Toa Payoh West Market, Food Court and Whampoa Makan Place Market.
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