WATERFRONT apartments at Reflections at Keppel Bay are riding high on the property wave, with 710 of the 740 units launched at the 99-year leasehold project already sold.
At the latest launch at the weekend, 29 of 30 units released in tower block 2B – touted as the block with the best view – were bought. The average selling price of these units – two to four-bedroom apartments, one penthouse and a 13,300 sq ft super penthouse – was $2,200 per sq ft, with the highest price hitting $2,600 psf. Market sources say the lowest price was about $1700-1750 psf.
Keppel Corp owns 70 per cent of the development, while its property arm Keppel Land owns the other 30 per cent.
At the topping out ceremony for the first tower yesterday, KepLand’s Singapore residential chief executive Augustine Tan said Keppel is looking to release another 20 more units in tower 2B, and may launch between 100-200 apartments for the entire year, depending on demand.
Sale of the remaining units will be paced, he said. ‘We are not really rushing to sell them. We have another two years of construction to go.’
Reflections at Keppel Bay will be completed by the first half of 2012. It comprises six towers and 11 villa apartment blocks, featuring a total of 1,129 waterfront apartments along a 750-metre shore line.
Mr Tan said three other plots of land at Keppel Bay are in the design development stage. It will take at least a year or two before development plans for them can be firmed up, he said.
Source: Business Times, 25 Mar 2010