Modest sales for Reflections condo units

It might be a glittery new condominium dotting the skyline of Keppel Bay, but some buyers of Reflections are not looking at a particularly shiny picture.

Property consultants said the 1,129-unit Reflections at Keppel Bay has turned in a 'modest performance' over the five years since its launch in 2007. Residents started moving into the completed condo early this year.

As of last month, the high-end project by Keppel Land had sold 853 units out of 950 launched, at a median price of $1,828 per sq ft (psf), going by the Urban Redevelopment Authority's data. Another 154 units have been kept by the developer as corporate residences.

A three-bedder of between 1,378 sq ft and 2,271 sq ft costs $2.5 million to $4.5 million.

Prices appear to have softened.

Average prices there in the first half of this year were $1,870 psf, down from $1,937 psf in the same period last year.

Primary sales have also slowed to less than 15 units for the last three quarters.

But the 50 subsales in the last six months reveals ongoing buyer interest in the project, which was completed last year.

Experts say rental yields for both Reflections and Caribbean should hover around 3 per cent. Caribbean is the cheaper choice.

Rents at Reflections are in the $4.50 to $5 psf per month range, while Caribbean is priced below that, possibly boosting the latter's rental demand.

Source: The Straits Times – 21 July 2012