SINGAPORE - Attractive pricing and a revamped showflat drew a crowd of buyers at the Sky Habitat project in Bishan over the weekend.
Developer CapitaLand sold 80 units last Saturday as the Bishan Street 15 project - once known as the most expensive suburban condominium in Singapore - was relaunched with prices slashed by an estimated 10 per cent to 15 per cent.
This brings the total number of homes sold at the 509-unit condo so far to 262.
Sales figures for yesterday were not available.
The strong response at the relaunch showed that buyers were still very price-sensitive, analysts said yesterday.
Prices at Sky Habitat's relaunch ranged from $1,276 per sq ft (psf) to $1,590 psf, CapitaLand said.
This is about 10 per cent to 15 per cent lower than the price range of $1,435 psf to $1,893 psf at the project's launch two years ago.
CapitaLand said that absolute prices ranged from $984,000 for a one-bedroom plus study unit and up to $2.18 million for a three-bedder.
Its spokesman noted in a statement yesterday that since Sky Habitat's initial launch in April 2012, several additional cooling measures have been introduced.
"Developers have to make necessary adjustments in view of the prevailing market conditions... It would not be meaningful to compare prices of units bought at different points in time," she said.
The most popular units last Saturday were the three-bedders, the spokesman said, adding that about 200 cheques were collected for balloting.
Buyers at the showflat yesterday told The Straits Times that the project appealed to them because of its location near Bishan MRT station and its design by star architect Moshe Safdie.
The discounted prices helped to seal the deal, they added.
"The pricing is attractive and the design is iconic," said Madam Lilian Teo, 40, who works in the energy industry.
She bought a 1,249 sq ft three-bedder for around $1.63 million or $1,304 psf.
Another buyer, Mr Lau Yuk Mun, 54, said he picked up a one-bedroom plus study unit as an investment after seeing the redesigned showflat for the 710 sq ft apartment.
"The showflat optimised the usage of space and showed that it could be well utilised... The price is also more attractive now," he said.
He paid $1,411 psf or slightly more than $1 million for the unit, and said he hopes to reap a rental yield of 4 per cent to 6 per cent.
Mr Mohamed Ismail, chief executive of real estate agency PropNex, said the solid sales show that buyers and investors are "not ready to buy if the price is not right".
CapitaLand has pared prices at other projects before.
It slashed prices at the 1,040-unit The Interlace early last year, bringing the total discount to as much as 20 per cent. Before that, it also cut prices at the 1,715-unit D'Leedon by up to 15 per cent.
Sky Habitat's next-door neighbour Sky Vue, also developed by Capita- Land, launched in September last year.
It moved nine units last month at a median price of $1,532 psf and sold 494 out of its 694 units by the end of last month, according to Urban Redevelopment Authority data.
This article was published on April 21 in The Straits Times.
Get a copy of The Straits Times or go to straitstimes.com for more stories.