Foreigners snapped up around half of the units sold at Reflections at Keppel Bay (pictured) recently, which suggests that foreign demand remains strong.
Three out of the six units at the waterfront development were sold to foreigners at an average price of S$2,100 psf over the past two-and-a-half months.
“There is still a worldwide trend for waterfront living,” noted Augustine Tan, President, Singapore Residential at Keppel Land.
“Three months have passed since the additional buyer’s stamp duty (ABSD) was introduced…. The US seems to be on the way to recovery and the Greece situation seems to be handled at the moment.”
“There’s a lot less pessimism, and while the luxury market is expected to continue lagging behind the mass market for a while, we are positive about projects that are well-located,” he added.
Reflections at Keppel Bay, which obtained its TOP (Temporary Occupation Permit) last December, has 136 luxury apartments still unsold out of the 1,129 units. Of the units still unsold, 25 are yet to be launched by the developer, including premium units like the development’s only 13,300 sq ft super-penthouse.
The remaining units are priced at an average of about S$2,400 to S$2,500 psf, but some premium units could go up to S$3,200 psf. When the development was first launched, the average price stood at S$2,000 psf.
Meanwhile, Keppel Land is set to roll out its third waterfront development in Telok Blangah – an iconic waterfront project that is expected to yield 367 homes, following the 969-unit Caribbean in 2004 and Reflections last year.
Just like Reflections, it will be designed by architect Daniel Libeskind.
“We are happy to once again partner Libeskind for the plot three development at Keppel Bay,” noted Tan.
The launch date is yet to be announced.
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