CapitaLand Residential Singapore and Mitsubishi Estate Asia Ltd jointly unveiled their upcoming project at Bishan Central, comprising approximately 500 apartment units across two 38-storey towers.
“The condominium at Bishan Central marks our first collaboration with CapitaLand to jointly develop a residential project in Singapore,” said Keiji Kimura, Chairman of Mitsubishi Estate. “We are confident that this condominium … will be popular with both Singapore and international homebuyers.”
Located on a 11,997 sq m site, the Bishan condo has a gross floor area (GFA) of 58,786 sq m and a leasehold period of 99 years. It is situated minutes away to the Bishan transportation hub consisting of the Bishan bus interchange and Bishan MRT interchange station. It is also close to retail, entertainment and recreational facilities such as Bishan Park and Junction 8 shopping mall.
“I feel that the concept design is actually quite interesting and can look nice in the suburbs too. Based on the planned architecture for the new condominium at Bishan, I feel that this development will be an iconic structure in the area,” said Nicholas Mak, Executive Director at SLP International Property Consultants.
With units ranging from 680 sq ft to 3,000 sq ft in size, buyers can choose from one-bedroom-plus-study, two-bedroom, two-bedroom-plus-study, three-bedroom and four-bedroom units. Residents can also enjoy a full suite of recreational facilities, including a gymnasium, function rooms, karaoke rooms, a tennis court, play areas, barbeque pits, children’s pool, leisure pools and a 50-metre lap pool.
Instead of independent towers, the two towers are linked by three bridging “sky gardens”, offering opportunities for commonly shared garden and leisure spaces. Residents on the upper floors will be able to enjoy breathtaking views of the lush greenery of Bishan Park. Meanwhile, 70 percent of the site will be developed into a series of lush gardens, outdoor event rooms, swimming pools, and walking paths for residents to enjoy their leisure hours.
“I don’t think the developer wants the project to blend in,” commented Colin Tan, Research Head at Chesterton Suntec International. “It’s more like they want the project to stand out.”
“They paid S$100 million more than the next bidder for the land; it was a record price at that time. For them to recover the land costs, they need to price it high. However, if you gave buyers a run-of-the mill project, they are unlikely to pay high prices for them. As such the value-add of having an iconic design is to give buyers value for money. They can then defend their prices by saying that they offer a very different and higher quality product,” he said.
With the design and development works in progress, CapitaLand said the project is expected to be launched for sale in Q1 next year, with the Temporary Occupation Permit (TOP) expected to be obtained in 2015.
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