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Thread: Keppel's Reflections ups the bar in the west

  1. #1
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    Default Keppel's Reflections ups the bar in the west

    Keppel's Reflections ups the bar in the west

    By Jeana Wong, Channel NewsAsia | Posted: 09 April 2007 2305 hrs


    SINGAPORE: Keppel Land has sold more than 80 percent of the 350 units released for sale at its Reflections at Keppel Bay development.

    The units were sold for an average price of about S$1,900 per square foot.

    60 percent of the buyers are Singaporeans, with the rest from places like South Korea, Indonesia, Malaysia, China and the US.

    There is now talk of the west turning into another premier waterfront living enclave, beating its more established east coast counterpart.

    Augustine Tan, Director, Singapore Residential, Keppel Land, said: "I think we're certainly setting a benchmark for this area. And it's very much because of the architecture. After this launch, people will be looking at higher quality. They'll be looking at the lifestyle that we provide in terms of the waterfront housing."

    Reflections is Keppel Land's second of five planned developments in the HarbourFront area, after The Caribbean.

    Some analysts said there is pent-up demand for high-end projects in the area to rival traditionally popular areas like the east coast.

    Donald Han, Managing Director, Cushman & Wakefield, said: "With the introduction of Reflections, it's raising the profile of the west coast area as a preferred, quality, waterfront living.

    "In Orchard Road, you've got a catalyst in the form of the Orchard Turn residential project. In the east, you've got the catalyst of the Guocoland project.

    "In Sentosa, you've got a few catalysts like The Cove, which has all sold at record price. In the west coast now, the catalyst that will start reevaluation of all the prices around the area is going to be Reflections."

    But other market watchers wonder if a single, iconic project such as Reflections is enough to jazz up the entire west coast.

    Nicholas Mak, Consultancy & Research Director, Knight Frank, said: "This is something that is rather unique to the development because firstly, it will be an architectural icon. And secondly, this development is really right next to the seafront. And it also provides marina facilities, which is something that is not found in the other developments that are in districts 4 or 5."

    Districts 4 and 5 include the Sentosa Cove, HarbourFront and Telok Blangah areas.

    Knight Frank said private home prices in these areas are rising faster because of the hype over the Sentosa integrated resort.

    It said while the average sale prices of other 99-year leasehold condominiums further out in the Telok Blangah area has grown some 20 percent on year, the prices are still only around S$600 to S$650 per square foot.



    - CNA/so

  2. #2
    Flipper by nature
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    Talking Re: Keppel's Reflections ups the bar in the west

    Quote Originally Posted by ahlahdin
    Keppel's Reflections ups the bar in the west

    By Jeana Wong, Channel NewsAsia | Posted: 09 April 2007 2305 hrs


    SINGAPORE: Keppel Land has sold more than 80 percent of the 350 units released for sale at its Reflections at Keppel Bay development.

    The units were sold for an average price of about S$1,900 per square foot.

    60 percent of the buyers are Singaporeans, with the rest from places like South Korea, Indonesia, Malaysia, China and the US.

    There is now talk of the west turning into another premier waterfront living enclave, beating its more established east coast counterpart.

    Augustine Tan, Director, Singapore Residential, Keppel Land, said: "I think we're certainly setting a benchmark for this area. And it's very much because of the architecture. After this launch, people will be looking at higher quality. They'll be looking at the lifestyle that we provide in terms of the waterfront housing."

    Reflections is Keppel Land's second of five planned developments in the HarbourFront area, after The Caribbean.

    Some analysts said there is pent-up demand for high-end projects in the area to rival traditionally popular areas like the east coast.

    Donald Han, Managing Director, Cushman & Wakefield, said: "With the introduction of Reflections, it's raising the profile of the west coast area as a preferred, quality, waterfront living.

    "In Orchard Road, you've got a catalyst in the form of the Orchard Turn residential project. In the east, you've got the catalyst of the Guocoland project.

    "In Sentosa, you've got a few catalysts like The Cove, which has all sold at record price. In the west coast now, the catalyst that will start reevaluation of all the prices around the area is going to be Reflections."

    But other market watchers wonder if a single, iconic project such as Reflections is enough to jazz up the entire west coast.

    Nicholas Mak, Consultancy & Research Director, Knight Frank, said: "This is something that is rather unique to the development because firstly, it will be an architectural icon. And secondly, this development is really right next to the seafront. And it also provides marina facilities, which is something that is not found in the other developments that are in districts 4 or 5."

    Districts 4 and 5 include the Sentosa Cove, HarbourFront and Telok Blangah areas.

    Knight Frank said private home prices in these areas are rising faster because of the hype over the Sentosa integrated resort.

    It said while the average sale prices of other 99-year leasehold condominiums further out in the Telok Blangah area has grown some 20 percent on year, the prices are still only around S$600 to S$650 per square foot.



    - CNA/so
    60% Singaporeans ? wow , that means more than 60% of the 60% is flippers and 40% foreigners ? wow , 50% of 40% flippers , so , 36%+20% = 56% flippers . 56% flippers ? 2 weeks later we shall see how many throw back .

  3. #3
    Curious
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    Default Re: Keppel's Reflections ups the bar in the west

    Quote Originally Posted by Flipper by nature
    60% Singaporeans ? wow , that means more than 60% of the 60% is flippers and 40% foreigners ? wow , 50% of 40% flippers , so , 36%+20% = 56% flippers . 56% flippers ? 2 weeks later we shall see how many throw back .

    What is 60% of 60%?
    What is 50% of 40%?

    What is 56%?

    Don't understand your statement/point/argument.

  4. #4
    Property Cashier
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    Default Re: Keppel's Reflections ups the bar in the west

    Sales Update On Reflections At Keppel Bay

    Description More than 80% of the 350 units released for sale at Reflections at Keppel Bay have been sold over the last few days. At the soft launch last week, Keppel released 1 pair of the tower blocks and 4 villa blocks. However, to cater to strong demand, Keppel released a few floors of another tower block over the weekend.

    The average price achieved for the units sold is about $1,900 psf. The highest price achieved is $2,520 psf for 2 prime 4-bedroom units in one of the villa blocks. So far, 60% of the buyers are Singaporean, with the remaining 40% coming from a wide spectrum of nationalities. These include Koreans, Indonesians, Malaysians, Chinese (PRC) as well as Americans, Australians, New Zealanders and British.

    Wow!
    $2,520 psf!
    This is indeed a new record for the area!
    Hurray!
    Let's see later phases can break this level.
    Good!

  5. #5
    Flipper by nature
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    Talking Re: Keppel's Reflections ups the bar in the west

    56% of the 280 so called sold units will most likely be thrown back .

  6. #6
    Curious
    Guest

    Default Re: Keppel's Reflections ups the bar in the west

    Quote Originally Posted by Flipper by nature
    56% of the 280 so called sold units will most likely be thrown back .
    Why do you think so? Thanks.

  7. #7
    Flipper by nature
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    Talking Re: Keppel's Reflections ups the bar in the west

    Quote Originally Posted by Flipper by nature
    56% of the 280 so called sold units will most likely be thrown back .
    Majority are flippers on 2 weeks grace .

  8. #8
    Flipper by nature
    Guest

    Talking Re: Keppel's Reflections ups the bar in the west

    Quote Originally Posted by Flipper by nature
    Majority are flippers on 2 weeks grace .
    Look at the classified adverstiments page everyday and you will understand .

  9. #9
    Curious
    Guest

    Default Re: Keppel's Reflections ups the bar in the west

    Quote Originally Posted by Flipper by nature
    Majority are flippers on 2 weeks grace .

    If the majority of them are flippers as per what you said, do you think Reflection price can still move up further or it may drop?

  10. #10
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    Thumbs down Re: Keppel's Reflections ups the bar in the west

    Published April 12, 2007

    Homes: concern over deferred payment plans

    Fears that such schemes are shifting financing burden from households to developers and builders

    By SIOW LI SEN


    (SINGAPORE) Deferred payment schemes - said to be one of the factors fuelling the local property market - are drawing the attention of the Monetary Authority of Singapore (MAS).

    Such schemes are so popular with buyers that while the property market is red hot, it has not translated into healthy home loans growth.

    Instead, deferred payment schemes have shifted the burden of financing to developers and construction companies, and away from households. The schemes also encourage speculators to buy property they have no intention of hanging on to.

    And MAS is taking notice. Some bankers say it has been raising questions about banks' exposure to deferred payment schemes.

    'MAS recognises that such deferred payment schemes may pose additional risks to the developer and its bank, and expects banks which finance such property developers to take this into account in their management of exposure to the developer,' an MAS spokeswoman said in response to BT queries.

    According to MAS data on bank loans, building and construction loan growth rose a sizzling 18.1 per cent in February, following a 19 per cent gain in January. But home loans grew only 2.7 per cent in February and 2.1 per cent in January.

    Among the local banks, OCBC and DBS grew their building and construction loans 27 per cent and 21 per cent respectively in 2006. UOB increased its building and construction loans 4 per cent.

    OCBC spokeswoman Koh Ching Ching said the increase was due mainly to new drawdowns and loans to finance property development in Singapore, Malaysia and Greater China, with Singapore accounting for the bulk.

    'OCBC has a traditional strength in real estate financing,' said Ms Koh. 'We have dedicated real estate departments within our business banking division for both large and small and medium real estate companies.

    'The property sector is an important part of the Singapore economy and there are regulatory as well as internal guidelines to ensure that our exposure to this sector does not exceed certain limits.'

    Citigroup economist Chua Hak Bin said deferred payment schemes have become prevalent in the local property market, accounting for more than 90 per cent of transactions at recent new Marina and downtown projects.

    And he feels there is growing concern that this may be fuelling speculation and eventually will have a material impact on system-wide banking loans.

    'Price increases in new home sales which offer deferred payment hit much higher levels,' Dr Chua said. This is because buyers on such schemes have time to flip or resell the property for a profit.

    'The returns on capital can be substantial because of the implicit leverage,' he said. 'A 20 per cent increase in property value, for example, generates a 100 per cent return on the initial capital outlay.'

    Deferred payment schemes that allow buyers to fork out only a 10-20 per cent downpayment, with the balance due on completion usually three years later, are not new. They were introduced in the early 1990s and offered again in the early 2000s. 'But it wasn't prevalent then,' Dr Chua said.

    Not all developers offer deferred payment schemes. And some banks say overall progressive payment schemes are still more popular. This could be due to the higher cost of a property of at least 2-3 per cent if deferred payment is offered.

    UOB head of loans Kevin Lam said: 'Progressive payment borrowers, while more, are not significantly more, than deferred payment borrowers.'

    But an HSBC spokeswoman said that among its customers who have bought properties under construction, 60 per cent have opted for deferred payment schemes while 40 per cent have chosen progressive payment schemes.

    Citibank business director Tan Chia Seng said: 'For those properties where deferred payment schemes are made available, we have seen an increase in interest from home buyers. 'The nature of the deferred payment scheme generally makes new projects more attractive to investors. However, home buyers who intend to occupy the properties may be interested in deferred payment schemes as well if the property they purchase is priced at an imputed interest rate lower than the home loan rate.'

    Dr Chua warns though that buyers may be biting off more than they can chew, especially if the market tanks or the economy falters. The prevalence of deferred payment schemes suggests a mortgage surge will come eventually, he said. 'The day of reckoning will likely occur in 2009 when completions are expected to soar to 18,447 - more than double the typical annual supply.'

    Maybank's head of consumer banking Helen Neo said deferred payment loans are more risky.

    'Yes, as repayment only starts from TOP (temporary occupation permit),' she said. 'There could be changes in the borrower's income prior to TOP.'

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