The Gems Residences . FAQ . Frequently Asked Questions
When does the Gems Residences open for booking?
Tentatively around April / May 2016. Currently being finalised and pending approval for sale.
To register for the Gems showflat viewing or VIP Preview, just contact us below.
What is the Gems Residences VIP Preview sales procedure like?
The procedure is as follows:
- Register for an advance viewing of the Gems Residences showflat. Simply drop us a note below.
- View the Gem showflat where you can see the show units and model of the project. You will get an idea of the facilities, block massing, room layouts & sizes, and fittings & finishes.
- We will also show you the various unit types and floor plans, and estimated pricing range. (Note that before the actual balloting & sales take place, exact prices would not be available. But we can give you an idea of the indicative pricing.)
- If you like the Gems condo, and indicative pricing is within your budget, we will give you a form to register your interest for the VIP Preview launch. Attach your cheque & copy of NRIC.
(This registration does not bind you in any way to eventually buying a unit. It is merely an indication of interest, and you can pull out at any time without cost or penalty. The cheque will not be used at all without your express consent, and will be returned to you without question if you do not actually purchase a unit.)
- Upon submission of the form and cheque, you will be allocated a ticket by the developer, for the balloting on the Gem VIP Preview day. This is the day on which the Gems Residences first opens for booking and sale, so you will be among the first to select a unit. It also entitles you to any “Early Bird” discounts.
- You might still want to register for the Gems Residences VIP Preview even if the estimated pricing is slightly above your budget. One can never tell – the actual prices at the Preview may come out below the indicative range! Without a ticket, you won’t be eligible to buy a unit then, even if you wanted to.
- On the Gems condo preview launch day, just come for the balloting at the designated time. If you like the prices, join in the balloting. If not, simply opt out.
- The balloting itself resembles a lucky draw. All the ballot tickets are placed in a box. When balloting starts, tickets are pulled out and the numbers called. When your number is called, you can proceed to buy a unit, if you like. So the balloting is to determine who gets to pick a unit 1st, who 2nd, and so on. All the numbers in the box are called; just a matter of when.
- To purchase a unit, you need to pay a 5% deposit for the Option. This is where the cheque you submitted earlier, comes in. Then the unit is yours. Subject of course, to your paying for the rest of it with a combination of bank loan +/or CPF funds +/or cash. See Payment Schedule here.
Must I book a unit at the Gems Residences if I register? Any penalties or costs if I don’t proceed?
No. Until you actually purchase your unit, you are under no obligation to proceed. You can choose to not come for the balloting, or not to buy a unit even if you come.
No fees or penalties. We will return your cheque, no questions asked.
But once you have actually purchased a unit and paid your 5% Option fee, if you later decide not to proceed, the developer will forfeit 25% of your 5% Option Fee (ie. 1.25% of the total purchase price).
Am I eligible to purchase a unit at the Gems Residences?
You are if you:
- Are at least 21 years old.
- Have completed your MOP (Minimum Occupation Period) if you are an owner or essential occupier of a HDB flat or DBSS or EC unit.
No citizenship restrictions. So no restrictions on foreign ownership.
(But note that Additional Buyers Stamp Duty is payable in certain cases. Contact us for details here.)
When can I sell or rent out my Gems Residences unit?
To rent, anytime after you collect the keys upon TOP (completion) of the Gems Residences.
To sell, anytime. But note that sales within the first 4 years from the date of purchase are subject to Sellers Stamp Duty (SSD). See the details here (opens in new window).
What is the payment schedule like? How much cash do I need?
The Gems Residences is a BUC (Building Under Construction) private condominium. Only payable under the Normal Payment Scheme. (Deferred Payment Scheme is only allowed for Executive Condominiums.)
For the Normal Payment Scheme (NPS):
- First 5% is from cash (via a cheque) at the time of booking the unit.
- Next 15% is within 8 weeks of booking the unit. This 15% can be from your CPF OA funds, and/or from your cash savings. (Bank loan cannot be used here.)
- You will need to pay your stamp duty to IRAS within 4 – 5 weeks of booking your unit.
Basic Stamp Duty = (3% of purchase price) minus SGD$5,400
Additional Buyer’s Stamp Duty (ABSD) :: See rates applicable here (opens in new window)
- The remaining 80% may be via a bank loan, CPF funds, and/or cash. Whether you can get 80% loan, or 70% loan, or less, depends on your age, income and credit worthiness. If you would like help to ascertain this, drop us a note here.
This 80% is payable progressively, meaning you (or the bank on your behalf, if you take a loan) pays he developer as and when construction work reaches prescribed stages. So if you take a loan, your monthly instalments would start small and slowly increase.
Do I have to pay any admin charges or commissions or agent fees?
No, not at all. We are here to provide you all the information, and help you book your unit directly from the Gems Residences developer, at no charge. No obligation either.
The Gems Residences VIP Preview · Showflat Viewing
Just register here if you would like to be kept updated or register for Gem showflat viewing.