Developers of the recently launched 361-unit Waterfront Gold in Bedok Reservoir hope that the condo’s skypark feature will become a hit with demanding buyers.
Frasers Centrepoint, which is developing the site jointly with FEO, said it is the first skypark in a private residential project.
The skypark, located on the top 16th floor of the condo, is an 8,000-sq-ft observation-cum-exercise deck that offers unparalleled views of Bedok Reservoir, said the developers. Units at the condo are being offered at an average price of $950 psf.
As consumers in Singapore become more mature and demanding, property developers are coming up with more special features to attract them.
These glitzy features may not make or break a deal, but they may help enhance the appeal of a project.
Several experts said that these features are more important when it comes to enticing buyers in a quieter market.
“The mass market and mid-tier market have surpassed peak prices. We are going through a consolidation phase, which could last for three, four, five months,” said Donald Han, managing director at Cushman & Wakefield.
”Buyers shouldn’t be expecting too much of a discount though as developers are still in a very strong position and can hold.”
However, experts noted that buyers can expect to see more special condo features.
The 1,145-unit The Minton project located in Lorong Ah Soo also highlighted its several facilities during its launch, including a 20-m heated pool and an air-conditioned, indoor badminton hall.
Its developer recently increased unit prices to $865 psf from $850 psf in May.
Meanwhile, all units at Twin Peaks in Grange Road, which could be launched in early-July, will come fully furnished, a first in the country.
”We wanted to give something that nobody else has given in Singapore,” said Mr. Thio Gim Hock, CEO of Overseas Union Enterprise. The condo should cost about $2,850 psf on average.
Peter Ow, managing director for residential services at Knight Frank, said: “Differentiating features are important factors in selling a condo. In today’s context, every developer is trying out new ideas and features to distinguish themselves from the competition. Hopefully, such special features will also help them to achieve a premium.”
”Moving forward, we definitely expect developers to be more innovative in their designs and concepts,” he added.
Ms. Tay Huey Ying, director for research and advisory at Colliers International, also stressed that homebuyers in Singapore have become more demanding in their expectations with the rise in private and public housing standards in the country.
Homebuyers are also now “more well-travelled and/or are exposed to diverse living and home concepts through the Internet and media,” she said.
This means that property developers have to constantly find ways to enhance their offerings, whether it is a bull market or a bear market.
”In the former, the developers need differentiators to edge out competition while in the latter, the developers use differentiators, which could also include marketing gimmicks, to stimulate demand,” said Ms. Tay.
House hunter Patricia Han said: “These extras would already have been factored into the selling price. But if I were to rent out my unit, any extras can be an incentive when I market the condo.”
The skypark at Waterfront Gold is “a minor differentiator in the eye of the buyer,” she said.
Location is still the most important, but in a competitive market where homebuyers have many choices, being the first private condo to feature a skypark may give the project a slight advantage, she added.