In a move to differentiate themselves in a largely homogenous market, CapitaLand have hired US based super architect Moshe Safdie to design their recently purchased condominium project in Bishan. The site, which was acquired earlier this year for $550 million, will comprise of two 38-storey towers connected by a beautiful sky garden walkway. As property developers look to use different techniques to distinguish their products in a price-sensitive market, CapitaLand have looked towards creativity in their bid to drive a higher price for their future condominium units.
(If successful, the designer condominium may set a trend for such apartments locating away from high-end districts.)
Moshe Safdie has had previous experience in the Singapore architectural scene, with his firm designing the ArtScience Museum at Marina Bay Sands. However, this foray into the residential market is a new trend in terms of design direction, with only a handful of firms previously employing an architect to design a residential development.
The central theme behind this is to create a more emphatic landmark to a different area of Singapore. With the site located in the hub of the Bishan HDB estate, CapitaLand will be able to distinguish a uniquely modernised property within an area traditionally linked to the heartlanders of Singapore. Economically, it is also provides a basis for increasing the unit price within the development.
Safdie has previously designed a residential project in Montreal, Canada - Habitat 67. Along with the Vancouver Library Square his architectural scope of work is thoroughly expansive, with a number of award-winning designs being universally lauded for the modernity and creativity in a challenging environment.
Although Singapore has experienced a considerably illustrious roster of architectural talent over the last 10 years, many of their projects have focused on business and commercial properties along with the location of those properties being concentrated towards the CBD and south central Singaporean landscape. The Bishan project may act as a test for future development of this kind outside the typical areas. With extensive local amenities surrounding the area along with the Bishan MRT interchange, CapitaLand have focused on creating a draw for the public to move out of the mostly overly populated areas into one that will ultimately serve their needs equally and provide a quieter setting.
One reservation with the success of this future project is the asking price. Many customers conscious of the price hike will have to decide if they want to pay the increased price, as opposed to a similar price for an more desirable area or a similar development at a better price. Previous examples of internationally lauded architects plying their trade over in Singapore include German architect Ole Scheeren’s Interlace in the Alexandra Road area, American Daniel Libeskind’s Reflections at Keppel Bay and Iraqi-British architect Zaha Hadid’s d'Leedon on the former HUDC Farrer Court estate. Although these developments have received critical acclaim for their various innovative architectural presence, all are not at 100% sold status. This may be due to the premium price charged by the developers at the different properties.
However, pricing for projects with a renowned architect require a higher pricing strategy in order to generate a sufficient return on investment. Colin Tan, Chesterton Suntec International research head reinforced this sentiment. He told The Straits Times, "They can't get away with an ordinary design or a run-of-the-mill project and charge those kinds of prices. They have already got the location, so what they need now is a reason for buyers to buy, with an iconic project to push sales.”
What remains to be seen is whether the investment of a prestigious architect will generate a sufficient return for CapitaLand on the project, although other external elements will factor into the final return on the company’s initial investment.
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Related Categories: Private Residential
Tags: architecture, ArtScience Museum, Bishan, Bishan Condo, Bishan HDB, CapitaLand, condo, condo singapore, condominiums in Singapore, design, Marina Bay Sands, Moshe Safdie, new Bishan condo, private housing in Singapore, private housing prices in Singapore, private housing trends in Singapore, property development
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