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31-03-12, 00:53
http://www.businesstimes.com.sg/sub/companies/story/0,4574,483091-1332532740,00.html?

Published March 23, 2012

Foreigners still keen on waterfront homes

By MICHELLE TAN


HALF of the units sold at Reflections at Keppel Bay in recent months were scooped up by foreigners, suggesting foreign demand for local luxury homes has not totally abated.

Keppel Land sold a total of six units (at an average price of $2,100 per square foot) at the luxury waterfront development over the past two- and-a-half months, out of which three units were bought by foreigners.

'There is still a worldwide trend for waterfront living,' said Augustine Tan, president (Singapore residential) of Keppel Land who remains bullish on the outlook for waterfront homes.

To add to the draw, all homeowners of Keppel Bay are also given a complimentary 10-year membership and five-year membership subscription at the Marina.

Obtaining its TOP (temporary occupation permit) in December last year, Reflections at Keppel Bay has a total of 136 apartments left unsold out of its 1,129 luxury units.

Among the unsold units, 25 remain unlaunched by the developer and comprise premium units such as the development's only 13,300-square-foot super- penthouse.

Prices for the remaining units have an average asking price of about $2,400 to $2,500 per square foot (psf), though some premium units may go as high as $3,200 psf. This is in contrast to an average of $2,000 psf when the development was first launched.

The property group has also set aside a total of 154 units as corporate residences to tap into the strong demand for the lease of such homes. Comprising configurations that range from two-bedders to four-bedders, leasing for the corporate units have commenced with average rents averaging $8,000 to $9,000 per month.

On future launches in the Keppel Bay area, the property group indicated at a press conference yesterday that it will be focusing on selling off the remaining units at Reflections at Keppel Bay before delving into their next launch.

Having said that, plans for the plot 3 development have already begun with the new project envisioned to be a premium waterfront property comprising 367 home units to be located along the historic King's Dock.

Owning a total of six plots in Keppel Bay, Keppel Land will be partnering master architect Daniel Libeskind once again for the development of its third Keppel Bay plot.

When all the plots are fully developed, Keppel Bay will have a total of 2,600 waterfront homes.