The Reflections at Keppel Bay project is receiving overwhelming response in the property market, with 710 of the 740 units released at the 99-year leasehold project already sold out.
At its latest launch, 29 out of 30 released units in tower block 2B were snapped up. The average selling price of the units, which are comprised of two- to four-room units, a penthouse and a 13,300 sq ft super penthouse, was about $2,200 psf, with the highest price reaching $2,600 psf. Market sources said that the lowest price for a unit was about $1,700-$1,750 psf.
Keppel Corp owns 70 percent of the project, while the remaining 30 percent is owned by its property arm Keppel Land.
Augustine Tan, Singapore residential chief executive for KepLand, said that the company is looking forward to launch another 20 units in tower 2B, and may release 100 to 200 units for the whole of 2010, depending on the demand.
He added that the sale of the remaining units will be paced. “We are not really rushing to sell them. We have another two years of construction to go.”
Reflections at Keppel Bay is expected to be completed in the second half of 2012. It has 11 villa apartment blocks and six towers, featuring a total of 1,129 waterfront units along the 750-metre shore line.
Mr. Tan said that three more land plots at Keppel Bay are in the development stage and it will take a couple of years before the development plan can be firmed up.