Keppel Land’s latest waterfront home project – Reflections at Keppel Bay – is set to transform Singapore’s west side into a premium waterfront living enclave.
The property developer is seeing strong demand for the project, which is setting a new benchmark at an average price of S$1,900 per square foot.
Tuesday was Day One of the soft launch, and already, transacted prices for units at Reflections at Keppel Bay surpassed those at Marina Bay Residences – the most recent waterfront property launched.
Reflections is Keppel Land’s latest waterfront residential development – and the second of five planned residential projects in the area.
The developer said it expected at least three-quarters of the units up for sale during Tuesday’s soft launch to be taken up.
Augustine Tan, Director, Singapore Residential, Keppel Land, added, “And we’ve done very well. Initially, we wanted to just launch 80 units. But because of the demand…to satisfy our customers, we’ve actually increased to about 150 units.
“We’ve yet to tally our prices. But I think it’ll be in the range of S$1,900 per square foot to S$1,950 per square foot.”
Keppel Land plans to sell the units in phases of about 200 to 300 units each.
Mr Tan said, “We’re very mindful that we do not disappoint our customers. So we will review the plans when we come to it. If we can sell over 500 units in a very short period, then we have to review our plans again on whether we want to immediately sell the rest or to wait for a while.”
With direct access to a marina, analysts have said Reflections is the catalyst needed for the West Coast to turn into the new East Coast.
This was despite properties on the East Coast, especially near the Tanjung Rhu and Meyer Road area, being the conventional choice for waterfront living.
Donald Han, Managing Director, Cushman & Wakefield, said, “For the West Coast, you’re targeting on a pent-up demand, something that has never been there. So we expect a fairly good launch. We expect good take-up. We expect the developers to control the supply, not to release everything at one go.
“The West Coast is now playing catch up with the East Coast. And depending on the sell out, whether this project is going to be a sell-out, or the reception from the investors, overall, prices are being re-evaluated quite comparative to the East Coast market for premier, desired, quality lifestyle residential projects.”
Although the recreational community and food and beverage outlets in the area are not as established as the ones in the East Coast, analysts have said there are a few other things going for the area.
There is the Sentosa Integrated Resort, as well as business enclaves like the HarbourFront Centre, the Alexandra Technopark and conglomerates like the PSA and NOL to offer a steady stream of corporate tenants.
Keppel Land plans to open Reflections at Keppel Bay for sale to the public this Friday.
Source: Channel NewsAsia, 04 April 2007
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