Approximately 27% of Units at North Gaia Executive Condominium Project Sold on Weekend Launch

The very first EC (executive condominium) housing project at Sign Holdings’ North Gaia is expected to be the biggest attraction for real-estate investors this year. Surprisingly, 164 units of this project out of a total of 616 units were sold this weekend. As per stats reported on Sunday at 5 pm, 27% of the 616 apartments were taken up in the project. They received 1045 applications from potential buyers at the time of the closure of e-applications on 19th April.

The professionals at Sing Holdings recently stated that almost 62% of the total sold units had been processed under the DPS (deferred payment scheme), and the average sale price turned out to be $1301.93 psf while holding the total sales value of up to $232.528 million.

Out of 164 units that were sold recently, only close to 6% were five-bedroom units, approximately 10% were 4-bedroom units, and the remaining were three-bedroom apartments. One of the managing partner from SRI, Mr. Ken Low, recently said that almost 70% of the purchasers on this list were second-timers. He added that the performance of the sales at this stage was great. Moreover, he also mentioned that the upcoming projects such as CDL (City Developments), MCL Land’s EC project at Tengah Garden Walk and Santarli Construction and Qingjian Realty’s project at that is located along Tampines Street 62 will be released for sale at a comparatively higher price due to steeper acquisition costs for the lands.

Note that the showroom for this new launch condo, North Gaia EC during 9th and 10th of April preview weekend had more than 3500 visitors, and it was an indication of a rapid increase in demands for homes in this real-estate area. North Gaia will have around 11 blocks within 14 story towers, and each unit in this construction will have a size of 958 sqft to 1076 sqft for a 3-bedroom apartment. Furthermore, the estimated size for the 4-bedroom unit will be 1313 sqft to 1389 sqft, whereas the size allocated to the 5-bedroom unit is approximately 1593 sqft. The construction will begin Q3 2021.

Sign Holdings also said that as this project comes under the EC development scheme, sales revenue from these units will be evaluated only after the completion of the ongoing sales contract.

The MCL and CDL Land also started their previews by the weekend for their 99-year-long leasehold proposal. It involves the Piccadilly Grand with 407 units on Northumberland Road. The sales of this project will be observed closely to ascertain sentiments regarding the cooling measures implemented recently in December.

The reports reveal that the prices for the one-bedroom apartment in this Piccadilly Grand will start from $1.058 million, which will turn out to be around $2186 psf. On the other side, the five-bedroom apartments in this property will be available for $3 million while ranging between 1582 sqft and 1679 sqft. The bookings for sale for the same will open on May 7. It is expected that the higher stories on this residential property will have slightly higher pricing as compared to the units on the lower stories.


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