Villa unit at Reflections sold for $11 million

The 1,129-unit Reflections at Keppel Bay obtained itsTemporary Occupation Permit a fortnight ago

The EDGE SINGAPORE |DECEMBER 19, 2011 • 1 Byran Tay, THE EDGE SINGAPORE

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 the latest caveats lodged and down loaded from URA Realis as at Dec 14.

The standout transaction of the 3,380 sq ft unit achieved a price of $3,256 psf, 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 P K Soh. The buyer issaid 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 $1,888 psf recently.

   

This detached house on Treasure Island on Sentosa Cove was sold recently for $18.3 million

 The most recent sub-sale at Reflections was for a 1,012 sq ft two-bedroom unit on the seventh floor that changed hands for $1.57 million ($1,550 psf). The unit was purchased at $1.41 million ($1,393 psf) 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 Harbour Front, 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 13,000 sq ft 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 $2,168 psf, compared with $1,950 psf 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, 1,539 sq ft unit on the 10th floor of one of the towers was sold by the developer for $2.6 million ($1,690 psf) on Nov 22. In the secondary market, sub-sale prices achieved in October and November ranged from $1,513 to $2,668 psf, according to URA Realis.

Nearby, on Sentosa Island, Sentosa Cove has five man-made islets with luxury villas. One is Treasure Island on the North Cove, with 19 luxury villas designed by renowned Singaporean architect Timothy Seow. One of these villas, with a built-up area of 9,000 sq ft and sitting on a 99-year land area of 8,650 sq ft, recently changed hands for $18.3 million ($2,120 psf) in a resale. The 2½-storey house comes with five bedrooms, a home theatre, an entertainment area, a lap pool and an outdoor deck overlooking the waterway, as well as a roof terrace and a rooftop Jacuzzi. The detached house last changed hands in April last year for $13.68 million($1,585 psf).