Reflections at Keppel Bay: Villa unit achieved $3,256psf!

By The Folks @PropTalk - December 30, 2011 No Comments

A four-bedroom apartment on the fifth level of a six-level villa block at Reflections at Keppel Bay recently fetched $11 million, according to caveats lodged and downloaded from URA Realis as at Dec 14. The standout transaction of the 3,380sqft unit achieved a price of $3,256psf, considered the highest average price at Reflections so far. The price was achieved as the unit is said to be "one of the best facing units with 180-degree views of the sea", says Eunice Chen, a property agent with Global Property Strategic Alliance, who brokered the deal jointly with her colleague PK Soh. The buyer is said to be a Singaporean, who is buying for his own use.

The record price deal for the unit was done before the government introduced the additional buyer's stamp duty (ABSD) on top of the existing 3% on Dec 8. When the government introduced it, property consultants anticipated the worst for the high-end market, as foreign buyers account for a third to half of purchases in this segment. "Many were caught off-guard and there were concerns about whether the stamp-duty hike would discourage property investors," says Benson Koh, senior group district partner at SLP Real Estate Empire. Like other property consultants, however, he believes it is too early to tell what the impact will be, as the rule came into effect only recently.

SLP's Koh brokered the sale of a two-bedroom unit at Reflections for $1,888psf recently.

The most recent sub-sale at Reflections was for a 1,012sqft two-bedroom unit on the seventh floor that changed hands for $1.57 million ($1,550psf). The unit was purchased at $1.41 million ($1,393psf) in August 2007, when the project was launched.

With six soaring glass towers of 24 to 41 storeys and 11 villa apartment blocks of six to eight floors, Reflections dominates the skyline in the HarbourFront, Keppel Bay and Telok Blangah area.

The development spans 750m of shoreline and, depending on the orientation of the units, some have views of the bay, while others of the golf course, parks and also Mount Faber. The most premium units are those with direct sea views and tend to be in the villa blocks. The 99-year leasehold project developed by Keppel Land and designed by renowned architect Daniel Libeskind obtained its Temporary Occupation Permit (TOP) about a fortnight ago.

So far, 835 of the 950 units launched at Reflections have been sold, according to Keppel Land. In the latest phase, only 115 units are available for sale, which include the 13,000sqft triplex super penthouse. The asking price of the super penthouse is said to be $45 million to $60 million.

The average transacted price today is said to be $2,168psf, compared with $1,950psf when the project was launched four years ago, according to Keppel Land.

About 60% of the buyers are said to be Singaporeans and permanent residents, as well as local corporate buyers, with foreign buyers making up the rest.

Reflections has seen a wave of transactions in the months leading to its completion and more recently, since its completion. In the week of Nov 23 to 29, a three-bedroom, 1,539sqft unit on the 10th floor of one of the towers was sold by the developer for $2.6 million ($1,690psf) on Nov 22. In the secondary market, sub-sale prices achieved in October and November ranged from $1,513 to $2,668psf, according to URA Realis.

For those who are interested, below are our previous posts on Reflections at Keppel Bay:

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