Nearly 27% of units at North Gaia exec condo sold on launch weekend

There were 1,045 applications from prospective buyers when e-applications closed on April 19. PHOTO: NORTH GAIA EXECUTIVE CONDO/FACEBOOK

SINGAPORE (THE BUSINESS TIMES) - The first executive condominium (EC) project to be launched this year, Sing Holdings' North Gaia, moved 164 of its 616 units over the weekend.

The take-up rate, as at 5pm on Sunday (April 24), works out to nearly 27 per cent of the total number of units. There were 1,045 applications from prospective buyers when e-applications closed on April 19.

Sing Holdings said: "With 62 per cent of the sold units having opted for the deferred payment scheme, the average sales price for the weekend works out to be $1,301.93 per sq ft (psf), with total sales value at $232.528 million."

Of the 164 units, 84.1 per cent are three-bedroom units, 10.4 per cent are four-bedroom units and 5.5 per cent are five-bedroom units.

Mr Ken Low, managing partner at marketing agent SRI, said that about 70 per cent of the buyers were second-timers.

He described the sales performance as respectable, pointing out that two other upcoming ECs - City Developments (CDL) and MCL Land's EC in Tengah Garden Walk as well as Qingjian Realty and Santarli Construction's EC in Tampines Street 62 - are likely to be launched at higher prices as the land acquisition costs were steeper.

The North Gaia project, in Yishun Close, saw more than 3,500 visitors during its preview weekend on April 9 and 10, seen as a sign of pent-up demand for homes in the vicinity.

The development will comprise 11 blocks of 14-storey towers, with unit sizes ranging from 958 sq ft to 1,076 sq ft for a three-bedroom unit, 1,313 sq ft to 1,389 sq ft for a four-bedroom unit and 1,593 sq ft for a five-bedroom unit. Construction began in the third quarter of 2021.

"As an executive condominium development, revenue from sales of units will be recognised upon completion of the sales contracts," Sing Holdings said.

Over the weekend, CDL and MCL Land also kick-started previews of their 99-year-leasehold project, the 407-unit Piccadilly Grand in Northumberland Road. It will be closely watched to ascertain sentiment after the latest wave of cooling measures in December.

Prices for Piccadilly Grand begin from $1.058 million for a one-bedroom apartment, or about $2,186 psf, and go up to more than $3 million for five-bedroom units ranging from 1,582 sq ft to 1,679 sq ft. It will start to book sales on May 7.

Meanwhile, Bukit Sembawang Estates' 99-year leasehold, 298-unit Liv @ MB in Arthur Road will open its sales gallery to the public from May 7.

Citing marketing agents, The Business Times reported previously that guide prices will range from $2,200 to $2,500 psf for one-bedroom units (495 sq ft to 667 sq ft) and two-bedroom units (624 sq ft to 1,044 sq ft). The three-room units (1,119 sq ft to 1,453 sq ft) are expected to start at $2,100 psf, while the four-bedders (1,518 sq ft to 1,668 sq ft), from the 12th storey up, are expected to see slightly higher prices owing to their high placement.

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