CAPITALAND is pricing its new condo project in Bishan lower than its earlier next-door launch, Sky Habitat. It is also minting smaller units, and a higher proportion of smaller units, in a strategy seen as keeping lumpsum prices within reach of a bigger pool of buyers.
The two 99-year leasehold projects are near Bishan MRT Station.
The property giant will open the showflat for its latest 694-unit Bishan project, whose name it has not made known, from tomorrow. Sales bookings are scheduled to begin two to three weeks later.
CapitaLand said yesterday it will offer the first phase of units in the project at prices ranging from $1,380-$1,550 psf.
It declined to specify how many or what types of units these will be or their psf average price. Such information will be released closer to the time that sales bookings start. "But we intend to price the new development competitively," it added.
Sales at Sky Habitat began in April last year, with 131 units sold by the developer in that month, at a median price of $1,583 psf, and at prices ranging from $1,435 psf to $1,893 psf in that month, according to Urban Redevelopment Authority (URA) data compiled from developers' monthly submissions.
Between October 2012 and July 2013, 40 units were sold at $1,416-$1,810 psf.
CapitaLand said yesterday that to date, it has sold 172 units at Sky Habitat at an average price of $1,589 psf.
Responding to market trends, the developer has gone for smaller units in the new project.
For instance, the smallest unit in the new development is 484 sq ft for a one-bedder - compared with 635 sq ft for Sky Habitat, for a one-bedroom with study unit. Two-bedders in the new project start from 678 sq ft, compared with 721 sq ft in Sky Habitat.
As well, smaller units make up a higher proportion of units in the new condo. One and two-bedroom units (including two-bedroom suites) make up 74 per cent of the 694 units.
At Sky Habitat, on the other hand, one and two-bedders (including two-bedroom + study units) account for 42 per cent of the total 509 units.
Star architect Moshe Safdie designed Sky Habitat. The new project's architect is DCA Architects.
The latest project is being developed by a 75:25 joint venture between CapitaLand and Mitsubishi Estate Asia.
The two have respective stakes of 65 per cent and 25 per cent in Sky Habitat, with Shimizu Corporation holding the balance 10 per cent.
CapitaLand bagged the Sky Habitat site at $869.36 per square foot per plot ratio (psf ppr) in February 2011 and the next-door plot at $852.94 psf ppr in a tender that closed in November last year.
Separately, Fairview Developments, a unit of Tong Eng Brothers, will begin sales bookings next week for its freehold strata landed housing project in Ang Mo Kio Avenue 5.
Named Belgravia Villas, the project comprises 18 strata semi-detached houses and 100 strata terrace houses.
The terrace houses, with strata areas of 3,500-3,800 sq ft, will be priced at $3 million-$3.2 million for intermediate units and $3.2 million-$3.4 million for corner units.
The semi-Ds, which will have strata areas of 3,800-4,000 sq ft, will be priced between $3.7 million and $3.9 million each.
Each of the 118 homes will be three storeys high and have a basement with two parking lots. Each home will have five bedrooms, a powder room, wet and dry kitchens.