A S$345.86 million (RM1.04 billion) investment to buy land in Singapore three years ago has paid off for Gamuda Land.
The company launched its maiden project, Gem Residences, in 2016 which was fully sold, said its chief executive officer Ngan Chee Meng. The Green Mark-certified private condominium, comprising two towers, has a gross development value of S$690 million.
Ngan said the company was pleased to obtain 100 per cent sales despite the current lacklustre property market.
Gem Residences offers 578 units with builtups from 425 to 2,045 sq ft. The handover is scheduled in end-2019.
The selling prices for the units range from S$570,500 to S$2.1 million.
Ngan said the full take-up of Gem Residences was attributed to the company’s strong principle of creating places that work. He added that it was one of Gamuda Land’s most ambitious foreign endeavours amid the challenging property market then and intense competition from property developers in Singapore.
“When others were cautious and adopted a wait-and-see approach, we took a contrarian approach to the Singapore market by focusing on making our development work,” said Ngan.
Gem Residences is located on 1.21ha site in Toa Payoh, one of the more mature and established housing estates in the city-state.
Toa Payoh, Singapore’s first satellite, is a 14-minute drive from its central business district.
Gem Residences offers nine layouts ranging from one-to five-bedroom units, duos (dual-key units), trios (triple-key units), a four-bedroom penthouse and a six-bedroom penthouse.
According to Ngan, it is the first condominium development in Singapore to offer a club lifestyle.
“The key appeal of Gem Residences is its placemaking with the creation of practical community living spaces. It is more than just a roof over one’s head. It is a club condo with concierge and unique facilities, such as pet pool and pet shower.
It comes with many gathering spaces for people to get together within the comfort of their home.”
Ngan said Gamuda Land would continue to play its part in Singapore’s property market by bringing more quality development, adding that the company is actively looking for strategic opportunities in the vibrant Lion City.