SINGAPORE (EDGEPROP) – On Jan 30, joint venture partners, Mapletree Investments and Keppel Land, sold 280 out of 300 units released at The Reef at King’s Dock. This means that 93% of the units released have been sold in a single day. The sales figure is equivalent to 65.3% of the 429 units in the project. Prices of units sold ranged from $2,000 to $2,800 psf, with average price achieved of $2,330 psf.
A total of 280 units out of 300 released have been sold at The Reef at King’s Dock (Picture: Mapletree Investments & Keppel Land)
Units sold were said to be a good mix of one- to three-bedroom units. The 116 one-bedroom and one-bedroom-plus-study units at The Reef have been fully sold at prices starting from $924,000.
Amy Ng, Mapletree regional CEO of Southeast Asia and group retail, attributes the success of the launch to “the luxurious features and the waterfront experiences offered by the development, coupled with the convenient location with easy access to many amenities are key elements that make the development a lovely place to call ‘home’”.
As future plans for the Greater Southern Waterfront unfold, The Reef at King’s Dock will be “well-placed to benefit from the enhancements and growth in the precinct”, adds Ng.
Homebuyers were also drawn to “the aesthetic blend of urban and nature elements in the design, quality interiors as well as the iconic floating deck, which is Singapore’s first in a residential development,” point out Ng Ooi Hooi, Keppel Land president (Singapore and regional investments).
“It’s a very unique project,” notes Mark Yip, CEO of Huttons Asia. “It is hard to find a lifestyle resort home with the sea and marina at your doorstep. The floating deck is the first in Singapore.”
Huttons Asia is marketing The Reef jointly with ERA Realty Network and PropNex Realty.
Attractive pricing, rentability
Ismail Gafoor, CEO of PropNex Realty attributes the strong sales to the fact that The Reef is a luxury project that is attractively priced. “With one-bedroom units starting from below $1 million, it is a price that is within the reach of many Singaporeans, especially those who desire to own an investment property within the future Greater Southern Waterfront,” says Gafoor.
At The Reef, the two-bedroom units priced from $1.5 million were popular with buyers too, Dominic Lee, head of luxury team at PropNex. “Those with views of either the sea or King’s Dock were also sought-after,” he adds. Lee reckons about 90% of the buyers are Singaporeans.
Besides owner occupiers, the one- and two-bedroom units at The Reef are also attractive to investors as they are “very rentable” given the project’s location near the HarbourFront area, notes Doris Ong, COO of ERA Realty.
Riding the positive sentiment
The strong sales at The Reef however, is not representative of other upcoming project launches, notes Gafoor of PropNex. The Reef has attributes that are unique to itself, including its proximity to the HarbourFront area, within walking distance of VivoCity, Singapore’s largest mall, and the HarbourFront MRT interchange station, adds Gafoor.
“The Reef at King’s Dock benefited from the positive sentiment built up since 4Q2020,” says Gafoor. Strong take-up rates were seen on the first day of launch at projects such as The Linq@Bukit Timah (96% sold) in November, and Clavon at Clementi Avenue 1 (70% sold) in December, notes Gafoor. Normanton Park, the first major launch of 2021 and the biggest, sold about 600 out of 1,862 units in the development on the first day of launch. Meanwhile, the 700-unit Parc Central Residences at Tampines Street 86 achieved sales of 414 units (59%) on Jan 23.
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“While it’s good news, the sales this past weekend heightens the risk of more government intervention,” cautions Nicholas Mak, ERA Realty’s head of research.
Developers to accelerate roll-out of new projects for launch
“The successful launch of The Reef could encourage developers to speed up the launch of their projects,” observes Mak.
Lee Sze Teck, director of research at Huttons Asia agrees. “Developers will be keen to ride on the sales momentum in January to push out new luxury projects in the coming months,” he notes.
Projects in the Core Central Region (CCR) that are expected to preview in the coming months include GuocoLand’s 558-unit Midtown Modern; the 138-unit Klimt Cairnhill (redevelopment of the former Cairnhill Mansion) by Low Keng Huat; the 39-unit 16 Cairnhill by joint venture partners, Tiong Seng Holdings and Ocean Sky International; as well as City Developments’ 540-unit Irwell Hill Residences.
Check out the latest listings near The Reef at King’s Dock, Harbourfront, Reflections Keppel Bay, Corals at Keppel Bay, Caribbean at keppel bay, Normanton Park, Parc Central Residences, HarbourFront MRT interchange station