Photos of Keppel Bay

The photos were taken from the Jewel Box on top of Mount Faber this evening, where the wife and I were celebrating our son's 9th birthday.

Now for Corals at Keppel Bay to complete the picture...

Have a great week ahead!

Property Spotlight: Telok Blangah/Keppel Bay area

Investors are once again turning their attention to new developments in the Telok Blangah and Keppel Bayarea in District 4. The ones that are on the radar screen of buyers are naturally the newest projects, such as the recently completed Reflections at Keppel Bayand Skyline Residences.

Designed by globally acclaimed architect Daniel Libeskind and developed by Keppel Land, the 1,129-unit Reflections at Keppel Bayhas seen renewed buying interest in the past month. Completed last December, the 99-year leasehold luxury condominium contains a mix of two- to four-bedroom units. It's located close to Keppel Club, the Keppel Marina and is also near VivoCity shopping mall and Sentosa Island.

To date, 88% of the 950 units launched at Reflections have been sold. Most recently, the project saw the sale of three units in March. A 1,442sqft, three-bedroom unit on the 23rd floor was sold for $3.1 million ($2,149psf) in a sub-sale. And a two-bedroom unit on the 13th floor changed hands for $1.89 million ($1,618psf). Meanwhile, another two-bedroom unit on the 14th floor transacted at $1.9 million ($1,650psf). The highest unit price recorded at Reflections at Keppel Bay was for a four-bedroom unit on teh fifth floor of one of the sixth-storey villa tower. the unit, which is said to have unobstructed sea views, fetched $11 million ($3,256psf) last November. the buyer is a Singaporean.

According to Samuel Eyo, director of Savills' Prestige Homes, the difference in unit prices can be attributed to the differences in views. "A key draw of Reflections at Keppel Bayis its waterfront views and lifestyle options," says Eyo. "Units with better views can sell for about $2,000psf." He adds that the development has seen a good mix of locals and foreigners who are buying units for personal use and investment. "Units can fetch a rental rate of $6 to $7psf," says Eyo.

Keppel Land has set aside several blocks as corporate residences. The two- to four-bedroom units will be leased fully furnished for between $8,000 and $9,000 a month, depending on the size. Eyo believes that Keppel Land will hold its rental rates and set benchmark for individual investors looking to lease out their units.

Skyline Residences also saw renewed buying interest in March, after a lull following the latest property cooling measures in December. expected to be completed in 2015, the freehold development located at Telok Blangah saw three transactions in March, based on caveats lodged with URA Realis. Developed by Bukit Sembawang Estates, the 231-unit condo has a mix of one- to five-bedroom units. A unit that was recently sold was a 14th-floor one-bedroom unit that went for $1.07 million ($2,224psf). Another transaction was for a sixth-floor, three-bedroom unit that changed hands for $2.6 million ($1,967psf). The third transaction was for a 13th-floor, two-bedroom unit that went for $1.6 million ($1,968psf).

Skyline Residences is a redevelopment of the former Fairways Condominium and is within walking distance to the Telok Blangah MRT station. While some units at the project enjoy sea views, Skyline Residences cannot be compared with Reflections at Keppel Bay as the latter offers a whole new waterfront living lifestyle and is targeted at a different segment of the market altogether, says Savills' Eyo.

Value hunter have also been looking at the older condos in the area. the 139-unit freehold Harbourlights, completed in 1997, saw two transactions last month. A 1,249sqft, three-bedroom unit on the fifth floor was sold for $1.73 million ($1,390psf). The previous owner had purchased the unit in a sub-sale in May 1996 for $1.25 million ($1,001psf). Hence, the unit has seen a capital appreciation of 38.4% in 16 years. On the third floor, a 721sqft, two-bedroom unit was sold for $998,000 ($1,384psf). The unit had changed hands twice previously. The first owner had purchased it at $591,112 ($820psf) from the developer in October 1995. The unit was then sold for $583,000 ($808psf) in a sub-sale in May 1999. The property has seen a capital appreciation of 68% in 16.5 years.

Purchasers of Harbourlights are mainly end-users, says Eyo. "Telok Blangah is attractive to buyers because it is close to the city and MRT staions and there are shopping malls like Harbourfront and VivoCity located close by," he notes.

Source: THEEDGE SINGAPORE

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

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.

Source: THEEDGE SINGAPORE

For those who are interested, below are our previous posts on Reflections at Keppel Bay:
http://sgproptalk.blogspot.com/2011/09/project-spotlight-reflections-at-keppel.html
http://sgproptalk.blogspot.com/2011/08/why-buy-1-unit-when-you-get-purchase.html
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Project spotlight: Reflections at Keppel Bay

Keppel Land’s Reflections at Keppel Bay, the developers’ iconic waterfront property, is likely to receive its temporary occupation permit (TOP) at year-end. And that may have stoked sales of late, say property experts. The 1,129-unit Reflections, designed by renowned architect Daniel Libeskind (most famous as master planner for the rebuilding of the World Trade Center site in New York), sits prominently at Keppel Bay and overlooks Marina @Keppel as well as Sentosa Island. Units on the high floors offer encompassing views of the sea and the city.

From Aug 23 to 30, two units at Reflections were transacted, according to data downloaded from URA Realis as at Sept 14. A 1,270sqft three-bedroom apartment on the 15th floor of one of the six high-rise glass towers at Reflections was recently sold for $2.92 million ($2,300psf). In the same tower, two floors down, a 786sqft studio unit changed hands in a sub-sale for $1.8 million ($2,301psf).

To date, developer Keppel Land has sold 821 out of the 830 units launched to date. Transaction prices at these levels are “reasonable”, given the development’s location next to the giant VivoCity mall, and Sentosa Island, where the Resort World Sentosa integrated resort is located, says Margaret Thean, DTZ’s executive director of residential. DTZ is a joint-marketing agent of Reflections with CB Richard Ellis (CBRE). “It’s for the super rich who want a different lifestyle. With its location right at the waterfront, residents can easily enjoy activities at the sea. Some of the buyers also own yachts, which they can berth at the marina.”

Interestingly, the highest price achieved for the project to date was $3,025psf and it was for a 2,949sqft, four-bedroom apartment that was sold for over $8.9 million at end-July. It is also the sole transaction to date to have crossed the $3,000psf threshold. Another similar-sized unit on the third level of the same tower was sold for close to $8.75 million, or $2,966psf, in July. This was the next highest price psf achieved.

Reflections has attracted local high net-worth individuals and those from China, Hong Kong, and Malaysia, says Joseph Tan, executive director of residential services at CBRE. Tan adds that the project was recently showcased in an exhibition in Malaysia, and saw good response.

“An increase in transactions is expected when a property nears its TOP date,” says Tan. He says buyers who do not want to wait for construction to be completed, and who prefer to move in immediately, will likely buy a property closer to its TOP date. “Some buyers are more comfortable purchasing a property when it’s almost completed, so they know exactly what they are buying into,” he adds.

Institutional funds had also purchased block units in the development in 2007. For instance, Keppel Land sold two low-rise waterfront apartment blocks at Reflections, or 56 units, to Kuwait fund the Al-Nibras Islamic Real Estate Fund, for $286 million. The fund is holding the units as long-term investments.

Reflections is gaining international recognition because of Libeskind, who, besides the World Trade Center Site, is also famous for his iconic buildings such as the Jewish Museum in Berlin. “Its architecture adds to its uniqueness and that may matter to some buyers looking for a trophy asset,” says CBRE’s Tan.

However, Tan reckons Reflections’ location, amenities and spectacular views also play a key part in driving demand. It is located next to Keppel Land’s other condominium development, the 99-year leasehold 969-unit Caribbean at Keppel Bay, which was completed in 2004, and launched that same year. In August, there had been several transactions there with prices above $1,500psf. Next to Caribbean is the HarbourFront precinct, with a mix of office towers and shopping malls including VivoCity, still the largest shopping mall in Singapore.

The mall is linked to the HarbourFront MRT Interchange and station, and is also just one train stop away from the Resort World Sentosa integrated resort on Sentosa Island.

Positioned as an upscale condo project, Reflections has penthouses ranging from 7,000 to 13,300sqft. The development also contains a mix of units from studio apartments of 732sqft to four-bedroom units of up to 3,993sqft. Its six towers vary in height from 24- to 41-storeys, with each tower crowned by a sky garden. Sky bridges also connect the towers and act as communal spaces for residents. There are also another 11 low-rise apartment blocks directly fronting the bay with amazing sea views.

In neighbouring Telok Blangah, developer Bukit Sembawang estates launched the freehold 283-unit Skyline Residences, which will sit on the site of the former Fairways Condo. The launch has also drawn homebuyers and investor interest to the Telok Blangah neighbourhood. To date, about 175 units have been sold at an average price of $1,900psf.

No doubt transactions have slowed as sentiment has been affected by the US and European debt crisis, and fears of a global recession. However, there is still homebuyer interest in locations where buyers see value, and potential for future growth.

Source: THEEDGE SINGAPORE

The wife and I must admit that Reflections is really quite a sight to behold – the developer have certainly done a good job in delivering the necessary “curves” in the project as promised.

However, we do question about some of the practical aspects of the development:

• The towers are definitely good to look at, but will they become “greenhouses” with all the floor-to-ceiling glass windows, especially given our kind of (hot) weather? Then again, we reckon that owners can probably afford to keep their units air-conditioned most of the time.

• Most of the unit layouts (at least those that were featured in the sales gallery when we last visited some 3 years ago) have fully enclosed home shelter that is located in the living room itself. This may not be an issue if you are using the home shelter as a store room or wine cellar, but it less than ideal if you need to house your domestic helper in there.

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Have you heard about the woman who bought an entire tower at Reflections?

The Strait Times today reported that an investor paid $226,472,460 for a whole tower block (i.e. Tower 1A consisting of 83 units) at Reflections at Keppel Bay in 2007.

This certain madam Lily Lai, in her 50s, was born in Taiwan but is now a Singapore citizen. She is said to be a low-profile real estate investor who is interested in long-term developments.

It is understood that she first caught sight of the development while she was returning from a trip to Batam. She decided to invest in an entire tower block because a Buddhist shifu, or master, told her that the condo, which is “backed by a mountain and faces water”, has good fengshui, said a close friend of Madam Lai. The friend, who did not want to be named, told The Straits Times: “We had just driven past a banner advertising the property and decided to take a look. After bringing shifu there, we decided that it was a good investment.”

Madam Lai’s friend said the units will be marketed and sold by Leadway Properties, which also operates from and owns an 18th floor office space at The Central Mall. According to the friend, Madam Lai spends most of her time overseas.

It must have been quite an interesting conversation between madam Lai and the marketing agent that served her, which might have sounded something like this:

Madam Lai: I want to buy Tower 1A
Agent: Excellent choice, madam. So how many bedrooms are you looking for and which floor do you like?
Madam Lai: No, Tower 1A
Agent: Yes, yes…I understand. But there are many different unit types in Tower 1A. So which type are you looking to buy? And do you want high or low floor??
Madam Lai: All of them
Agent: All of them…as in one whole floor?
Madam Lai: No… whole block.
Agent: *stunned* Er... er...

But seriously, only time will tell if madam Lai's investment is really sound, good fengshui notwithstanding. This is especially when the project is only about 70% sold since its launch in 2007…

The wife and I wish her luck and success nonetheless.

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