It's priced 5-10% lower than Sky Habitat.
CapitaLand is expected to launch its 694-unit project located beside Sky Habitat in Bishan shortly.
Known as Sky Vue, the project comprises a higher proportion of smaller units than Sky Habitat.
MayBank KimEng estimates an ASP of SGD1,500psf vis-a-vis Sky Habitat's SGD1,600 psf.
CapitaLand holds a 75% equity stake in the project, with the remainder held by Mitsubishi Estate Asia Pte. Ltd.
According to OCBC Investment Research, Sky Vue opened for previews last weekend and is priced at S$1.38k – S$1.55k psf. This is about 5%-10% lower than the adjacent Sky Habitat project (also owned by CapitaLand).
"We like that the group has taken a realistic approach by pricing this project to move. While we estimate, as a result of lower pricing, fairly slim profit margins for Sky Vue – in the low teens – we believe that a strong launch would be taken positively by the market, particularly now that the group has a total unsold exposure of over a thousand units in the Bishan locality in Sky Habitat (340 units unsold) and Sky Vue (694 units unsold)."
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