Renewed interest in city-fringe projects

By Tan Chee Yuen
/ The Edge Property |
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City-fringe projects have seen a return in buyer interest since the beginning of the year. At The Meyerise on Meyer Road in prime District 15, eight units were sold in the week of May 2 to 9.
Of the 26 units sold at the development this year, based on caveats lodged with URA Realis, only three were resales of units purchased in September 2011 when the 239-unit freehold condominium was first launched for sale. The Meyerise, developed by Hong Leong Holdings and completed in 2014, comprises twin 31-storey towers.
Property agents attribute the spike in transactions to the developer offering a deferred payment scheme (DPS) of up to two years and a 23% price discount since the beginning of the year.
Units sold by the developer were high-floor units above the 20th floor. In April and May, units sold ranged from an 883 sq ft, two-bedroom unit on the 27th floor that fetched $1.74 million ($1,975 psf) to a 1,281 sq ft, three-bedroom unit on the 28th floor of the adjacent block that went for $2.95 million ($2,303 psf).
Meanwhile, the three resale units, which were on the sixth to 10th floors, were sold at lower prices. An 872 sq ft, two-bedroom unit on the ninth floor went for $1.62 million ($1,858 psf) and a 1,819 sq ft, four-bedroom unit on the 10th floor fetched $2.85 million ($1,567 psf).
According to property agents, there were only 11 units available for sale as at May 17, which means the project is over 95% taken up.
At the 578-unit Gem Residences on Toa Payoh Lorong 5, 312 units were sold on the first day of preview in May last year at a median price of $1,431 psf. Another 10 units were sold last June, followed by two units in July.
Sales then flatlined for the rest of 2016 until February this year, when the developer launched the second phase of the project. As at end-April, 338 units at Gem Residences were sold at a median price of $1,488 psf. This brings the take-up rate at Gem Residences to 58.5%.
When the 99-year leasehold site in Toa Payoh was launched for sale two years ago, it drew 14 bids. This was because there had been no new launch of a private condo in seven years in Toa Payoh and developers recognised that there was pent-up demand from upgraders in the mature HDB estate.
Gem Residences is a joint project by Malaysian developer Gamuda Land (50% stake), Singapore-based Evia Real Estate (20% stake) and Maxdin (30%), a subsidiary of construction company Greatearth Holdings. The project is scheduled for completion in 2020.
More than half the units at Gem Residences are one- and two-bedroom units of 452 to 775 sq ft. There are also three-bedroom units of 936 to 1,055 sq ft and four- and five-bedroom units of 1,249 and 1,313 sq ft respectively. There are only two penthouses: a 1,636 sq ft, four-bedroom unit and a 2,045 sq ft, six-bedroom unit.
It seems that well-located city-fringe developments are seeing renewed interest, according to property agents.
This article appeared in The Edge Property Pullout, Issue 780 (May 22, 2017) of The Edge Singapore.

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