Property Showflat | By launching at close dates, development projects are in competition for attention. This has been witnessed with the launch of Gem Residences and Stars of Kovan, both which are due to launch in May.
(Source: The Edge Property)
All eyes are on Gem Residences, which is set to unveil its showflats and to release prices on 20 May. The weekend of April 30 – May 2, saw it hold its preview and it opened its sales gallery where no less than 1036 potential customers showed interest. The development with 578 units and located on Toa Payoh Lorong 5/ Lorong 6 will hold the VIP and public launch on May 27 to 28.
Vincent Ong, the Evia Real Estate Managing partner said that they are increasing interest before the launch as they try to hit the magic figure of 2000.
A joint development by Gamuda Land of Malaysia (50%) and its Singapore partners Maxdin (30%) and Evia (20%), Gem Residences is Gamuda Lands initial venture into property market in Singapore.
Potential buyers have been provided with a guide price of $1480 psf before the release of the actual price on May 20. Early buyers will get a cheque of either $7500 or $10000 depending on value of unit purchased.
Ong said that to differentiate it from other competing projects, Gem Residences would provide services to residents for their convenience. These include uniformed housekeeping, concierge staff and mobile medical clinic.
Just at the same time Gem Residences was having its preview, Sturdee Residences was having its public launch. Its VIP preview was on 23-24 April where it sold 122 of its 305 units. It sold 10 more units during the launch at an average price of $1550 psf.
Viio @ Balestier soft launch was the end of April and it has sold 40% of the 56 units at an average price of $1450 psf.
Star of Kovan’s VIP preview was on May 7 with 4000 visitors drawn. The 390 units mixed development has its launch scheduled for May 21 at a price range of $1550-$1600 psf.
The timing means that developers should embrace product differentiation if they are to attract more attention.