The GEM Condo . Developed by Evia Real Estate
A partnership of Evia Real Estate Pte Ltd (Evia), Gamuda Berhad and Maxdin Pte Ltd, won the land sale for the GEM condo with a top bid of S$345.86 million which works out to S$755.30 per square foot per plot ratio (psf ppr), in a hotly contested tender.
The Evia Group is a conglomerate jointly owned by Evia Real Estate Management, and the Ho Lee Group. Their stated aim is to develop quality properties, that are yet reasonably priced for home owners and investors.
They have garnered a strong track record in recent years in the EC (executive condominium) market. Their first EC, the 416-unit Watercolours in Pasir Ris, sold out in 6 months. That foray was followed by the 546-unit Heron Bay EC in Upper Serangoon, that launched to overwhelming response and sold over 90 percent of its units on its first weekend.
Artist’s Impression . Lake Life by Evia Real Estate . Developer for the GEM Condo
Evia Real Estate’s most recent accomplishment was the Lake Life EC in Jurong, that launched to an even more enthusiastic market. They sold 98 percent of Lake Life’s 546 units within the 1st weekend of its launch.
That broke the record for the fastest-selling condominium on the first weekend of sale for both private condominiums and ECs, since the TDSR (Total Debt Servicing Ratio) measure was implemented in June 2013.
For the GEM condo, Evia is all set to continue its track record of attractive projects, that is also generating a lot of interest.
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The GEM Condo by Evia Real Estate . Regional Operations
While it is not widely known, Evia is also a property fund manager in South Korea. It has a total value of over $1.5 billion assets under its management, covering a portfolio of over 2.3 million sq ft of commercial & industrial space.
It currently oversees a mixed-use property and 3 logistics warehouses: the Suwon Ice Logistics Centre at Suwon City, the AMB Incheon DC1 Warehouse at Gyeonggi-do, the AMB Incheon Logistics’ facility at Incheon Airport Free Trade Zone, and the Apple Plaza in Bundang-gu, Gyeonggi.
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