Good time to move to Toa Payoh?

Established in 1964 by the Housing Development Board, Toa Payoh is considered to be one of the oldest estates in Singapore. Over time it has matured into a neighborhood that is sought after for its comprehensive amenities and convenient transportation links to the central area not too far away. It’s popularity is also due to the fact that there are extremely popular schools like CHIJ, Cedar Girls School and St Andrew’s Junior College in its vicinity.

This could explain why property prices in Toa Payoh have been relatively stable and even showing signs of growth.  A five-room HDB flat was sold for $880,000 last month and another was sold for $858,000 in May. This strong performance is in contrast to majority of the market where price levels have come down over the last few years. This may suggest that Singaporeans are taking advantage of the weaker property market to pick up quality deals and move closer to town.

It is hardly a surprise then that when a brand new private condominium development was launched in Toa Payoh – for the first time in 7 years – the feedback from the market was more than well received. Gem Residences has been the talk of town with its location and over the top services and first-of-the-kind designs. Some highlights that have created much talk in town are its concierge service for residents and triple-keys units.  It is also the first condominium in Singapore to feature a swimming pool for your dogs to swim in.

After much anticipation, Gem Residences have finally released the official price list today.  It is priced at an attractive average psf of $1,426, which is lower than the indicative market pricing of $1,480psf. This would mean one bedrooms start from just $578k, two bedrooms from $750K, and larger units from $1.215M, sitting very comfortably in the sweet spot of pricing for many locals.  Comparing this to other similar developments in the vicinity, it seems like it offers good value and is priced to sell quickly in this market.

Gem Residences Sky Vue Sky Habitat Trevista
Tenure 99 99 99 99
TOP 2020 2017 2015 2011
Median Price (psf) $1,486 $1,546 $1,582 $1,267

Source: URA, Truuue.com analysis

 

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