Thursday, April 05, 2012

Condominium could set new record for suburban home prices

SINGAPORE: When CapitaLand's designer condomiunium project, Sky Habitat, goes on sale on April 14, it may set a new record for the prices of residential units located in suburban areas.

Ahead of the condominium's launch, some market watchers estimated that a unit at Sky Habitat could sell for between S$1,700 and S$1,800 per square foot.

CapitaLand was tight-lipped about prices of the units and it says they will be available closer to the launch date.

The 509-unit Sky Habitat is designed by renowned architect Moshe Safdie - a premium that is likely to be reflected in its pricing.

CapitaLand paid S$550 million for the condominium's site at Bishan Street 15 through a government land sales tender in February 2011, which some property analysts say was a hefty sum for the time.

The developer believes the strong sales momentum seen in the first quarter will continue.

"We always believed that the residential market is a function of many factors, the key one being global sentiment," CEO of CapitaLand Residential Singapore Wong Heang Fine said.

"Interest rates are still very low, the job market is still very good, so naturally there would be a response from buyers," he added.

- CNA/wm

View the original article here

Source From Channel News Asia

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