Caribbean at Keppel Bay hits $1,609 psf

The 969-unit Caribbean at Keppel Bay is enjoying renewed interest among homebuyers, buoyed by strong visitorship to Sentosa Island with the opening of the Resorts World at Sentosa integrated resort, and growing anticipation of improved connectivity when the Circle Line MRT route is completed at year-end.

Caribbean at Keppel Bay (developed by Keppel Land) saw four transactions on May 16 to 24, with prices ranging from $1,483 to $1,609 psf. The most recent transaction at the seven year- old condominium was the sale of a 1,334 sq ft unit on the second floor for $1.98 million ($1,483 psf) on May 20, representing a 74% gain over the purchase price of $1.13 million ($849 psf) in 2006.

In another block, a 1,646 sq ft three-bedroom unit on the fourth floor was sold for $2.65 million ($1,609 psf). This is a 112% gain over the last transacted price of $1.24 million ($756 psf) in 2004.

The other two transactions were for a 1,227 sq ft unit on the fourth floor for $1.86 million ($1,514 psf) and a 1,270 sq ft unit on the eight floor for $2 million ($1,575 psf).

ERA division director Peter Loh says homebuyers like Caribbean at Keppel Bay for its quiet, resort feel and comprehensive range of facilities. He adds that the condo is perhaps the only one that has a water channel running through the estate, as it’s a redevelopment of a former shipyard.

Residents of Caribbean at Keppel Bay also enjoy complimentary membership to berth at the Marina at Keppel Bay, which can accommodate 168 yachts of up to 280ft. The berths are located on Keppel Island, which is home to a clubhouse complex and a good variety of gourmet restaurants.

Next to Caribbean at Keppel Bay is another property being developed by Keppel Land — Reflections at Keppel Bay. Residents of the upcoming 1,129-unit waterfront condo will also get to enjoy facilities at the marina when the project is completed in 2013. The most recent transaction there was the sale of an 850 sq ft unit for $1.5 million ($1,767 psf) on May 19. Loh says units at Reflections at Keppel Bay are able to attract higher prices as the project is more luxurious and designed by star architect, Daniel Libeskind.

The two condos are a 10-minute walk to Merrill Lynch HarbourFront, Keppel Bay tower, HarbourFront Centre and VivoCity shopping mall, which is linked to the Harbourfront MRT station. The condos are also near Mount Faber Park, the golf courses at Keppel Club, and is just a short drive to the CBD and Sentosa Island.

Meanwhile, across the waterway at Sentosa Cove, a 1,754 sq ft unit on the 10th floor of one of the towers at the landmark Oceanfront Sentosa condominium was sold for $3.9 million ($2,223 psf) on May 20. Before this, the unit changed hands at $3.2 million ($1,825 psf) in 2009 and $2.4 million ($1,371 psf) in 2006. The 264-unit condo was developed by City Developments and completed last year.

Source : The Edge – 13 Jun 2011

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