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