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The following article was published in our article directory on April 17, 2013.
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Sky habitat of Bishan. The stunning muti-million dollar condo project.

Article Category: Advice

Author Name: Mikey Dell

Sky Habitat at Bishan - Stunning and special architecture by the Moshe Safdie group, multi-million dollar advertising campaign, multi-million dollar showflats and sky high rates for a suburban condominium. And it's doing pretty good. However what's going on really? Exactly what is this pricey condo doing below in the heartlands?

Years later when we look back, if we were to select a building that signified of an era of increasing house rates, insatiable need and spiraling inflation at its corpulent peak, Sky Habitat would be it. This condominium is a sign that limits have been broken, lines have actually been blurred which the Heartlands as we understand it are no longer the same.

You referred to as well as we that the space in between suburban homes and houses in the Central Region are narrowing. What's more, designers have lacked space to build in the city. And besides, the fish aren't biting over there. So developers have turned their watercrafts around and cast their nets in the suburban areas.

In the past 24 months, developers have actually been launching mass market condos after another. Buyers in the suburbs have actually been lapping it up. Typical prices have actually increased from $850psf in 2010 to something like $1,000 psf in 2012.

One day, some designers decide to up the ante by providing something a bit more upmarket - Thomson Grand, The Interlace at Gillman Heights, The Vision at West Coast are all condominiums with rates much much greater than their bordering neighbors. And then lastly it culminates in Sky Habitat - 2 towering blocks in the heart of Bishan taking the crown for the most costly condominium in the suburbs.

How do you encourage purchasers then?
That's easy - work with a popular architect, market the hell out of it and voila! River Valley, Newton? That's pass�©. Bishan is the new Newton now. And why not? Look right here, it's got a huge shopping center, an MRT interchange, a lot of excellent schools, it's four stops far from Orchard and it's a recognized estate. What's even more, there's the recently revamped Bishan Park minutes away!

Even prior to the showflat opened and a single device sold, the developers have actually already started construction. It's an indicator of their strength and confidence. This is very common of CapitaLand projects.

There are 509 devices here in numerous types starting from 1 +1 BRs. Many notable of which are the Terrace units which have giant sized balconies (and - to clarify - typical height ceilings). All units below are launched for sale, the developers have actually not held back any option devices, which is quite nice unlike some various other developers we understand.

The rate for the land didn't come cheap, after all, it's right alongside Bishan MRT and town center. It was just 14 months back when the designers paid $550.1 m and beat the 2nd bidder by huge $118m. So the expense of each possible device exercises to $869psf.

The costs for an 11th floor, 1,023 sqft, 2 +1 BR start at $1.65 m prior to discounts. After a 4 % discount, it concerns $1.58 m or $1,551 psf. A bigger 3BR, 1,247 sqft device on the same flooring will cost you $1.91 m before discounts. After a 4 % price cut, it pertains to $1.837 m or $1,473 psf.

Obviously those costs are not in sync with the rest of Bishan. Bishan 8, a 12-year old, 99-year leasehold condominium just opposite Junction 8 and Bishan MRT had 2 units just recently sold at for a median cost of $1,146 psf.

If you have $2m to spare, there are lots of other condos in regions closer to the CBD that must come under your radar. We can think of some like:.

Ascentia Sky (2009, contrary Redhill MRT, about $1,400 psf).
D'Leedon (2010, Holland Road, about $1,600 psf).
Reflections at Keppel (TOP 2011, around $1800psf. You pay a bit more however you get an amazing sea take and a condo designed by an architect more power than Moshe Safdie - Daniel Liebskind - the designer of the new.
Soleil at Sinaran (TOP 2012, around $1800psf. At Novena MRT and the bordering shopping centers).

And according to latest report on 16 April 2012 from CNA: "as of 6pm on Sunday, it offered 70 per cent of the 180 units launched for sale this weekend. The developer said 8 in 10 buyers are Singaporeans. Eighty-one per cent of devices sold were 2- and three-bedroom units. Said to be the most expensive suburban condominium below, the advancement in Bishan Central is going for S$ 1,642 psf for a four-bedroom device to S$ 1,747 psf for a one-room unit.".

So exactly what do we think?
It's really over-priced. Sure you get to stay in an iconic structure, sure you get some nice views, sure you get to live beside the Junction 8 and Bishan MRT, but is it really worth THAT much?

For a bit more you can get a brand-new unit at Reflections at Keppel or Soleil at Sinaran - both have an even more upmarket vibe. No issue what, Bishan is still Bishan. It doesn't stimulate the same as Newton, Keppel or River Valley.

From a financial investment viewpoint, at this rate point, do you forsee rates going any greater? There are better choices in other places.

That being sacked, there is no questioning the quality of the designers, the terrific design and the exceptional location of this condo.

Just like how the Empire State Building signified New York's pomp and prime in the days prior to the Great Depression, Sky Habitat signifies much that is askew about the state of Singapore's property market. It is overheating, it is unhealthy, that's why we get blips like Sky Habitat - it merely does not belong.

This 'gentrification' of Bishan though inevitable is not something we 'd like to see. Condominiums like Sky Habitat bring sturdy inflationary stress to the potential and existing houses around the location. We will not be amazed to see the land beside Sky Habitat going for similar rates. But for the sake of all aspiring home owners and HDB upgraders, let's hope it does not take place. Heartland houses for heartlanders at heartland costs - that's what all of us wish to see.

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