Capitaland’s Sky Habitat prices could trigger new slew of cooling measures

Capitaland’s new upcoming launch (which we are selling – interested please call 82884499)

in the heart of Bishan at Bishan Street 13, a stone’s throw away from Bishan MRT, Junction8 and a whole host of renowned education institutions nearby, is slated to be sold from $1700psf. This 99 year leasehold property is expected to be “HOT…yes really SIZZLING HOT”. At these prices, I still think so. Because apart from the location, in Bishan there is a shortage of small units (ie 1 and 2 bedroom units). At Sky Habitat, the 1-2 bedroom units ARE NOT SHOEBOX units, they boast a balcony, decent sized bedrooms, a decent sized living room too, 1 bedroom units of approx 600sqft, very functional.

The thing is, the price that we are all quoting at $1700-$1800psf is just an estimated range price.

But even at this price, many will still be giving us their cheques to purchase a piece of this iconic landmark in the heart of Singapore.

Reporter at Today newspaper – Lynda Hong Ee Lyn, did a report on this new launch – Sky Habitat, and I do agree with her on several points that this new price level, may just trigger a new slew of cooling measures by our Government. This is what she has written – on 6th April 2012
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Sky Habitat to set price record for suburban condo
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SINGAPORE – CapitaLand is about to set another record in property prices with the launch of its Sky Habitat condominium in Bishan Street 15.

While Singapore’s biggest listed developer said yesterday it would only announce the selling price of Sky Habitat a few days before the units go on sale on April 14, property agents MediaCorp spoke to were bandying about figures of S$1,700 to S$1,800 per square foot, which would make it the most expensive suburban condominium to date. Sizes range from 635 sq ft for one-bedroom apartments to 3,638 sq ft for penthouses.

Units at the nearby Thomson Grand at Sin Ming Walk are selling for as high as S$1,600 psf, they noted.

Sky Habitat – designed by renowned architect Moshe Safdie, the man behind the iconic Marina Bay Sands – will offer 509 units amid lush gardens and sky bridges.

In marketing mode as he spoke at the show flat yesterday, Mr Wong Heang Fine, chief executive of CapitaLand Residential Singapore, said: “Market rumours reflect market thinking on what our product can sell for. As you can see, there is a good layout, and location is very good.”

Citing the low-interest-rate environment and the buoyant job market, Mr Wong added that he expected response for Sky Habitat to be “naturally” positive.

While no one denies the right of developers to price properties as they see fit, rising prices may help inflate a property price bubble – with a record price at Sky Habitat driving prices of other projects higher, analysts said.

Mr Donald Han, special adviser at property consultancy HSR, said: “Usually when there is a lead project that procures a record price in a particular locality, there is a tendency for all other properties to move slightly upwards.”

He added that prices could rise 2 to 5 per cent over a three to six-month period if everything else remains constant.

Rising prices could also prompt the Government to put in place even more property cooling measures, which could have a wider impact on the economy.

Already, analysts at OCBC Research are saying that additional property curbs are “the forefront risk now”.

Its recent report noted: “We think the Government’s commitment to prevent an overheating property market is unambiguous.”

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