Remaining units at upmarket waterfront residence, Reflections at Keppel Bay, are expected to set new price benchmarks for condos in the harbourfront area.
This bullish view came from its joint developer Keppel Land.
The units released under phase one of the project last year had already set benchmark prices for the west coast. Mirroring the buoyant property market, Reflections at Keppel Bay set new record prices for high-end luxury properties in the west last year.
620 units released under phase one were sold for an average of nearly S$2,000 per square foot.
They were snapped up within eight months of the launch last April.
Keppel Land says they expects even higher prices for the remaining 509 units as some of the more expensive blocks have been reserved for phase two.
He believes the super penthouse, which has an area of more than 12,000 square feet, will set a brand new price benchmark.
Augustine Tan, Chief Executive - Singapore Residential, Keppel Land, says: "I think the highest price is above S$2,700 psf. We've got the super penthouse we've yet to release and that would probably set the new benchmark."
The developer expects higher prices on average also because more expensive units with sea facing views and on higher floors have been reserved for phase two.
It's confident demand for high-end projects will hold up this year, despite the quieter property front.
Mr Tan says: "I do share the view by consultants that demand for high-end (properties) should hold up. I think the pace of increase in prices will be fairly regulated but from the enquiry levels that we have for the Reflections in particular, we think that the demand is still fairly strong for good quality housing, so especially waterfront. So, we do foresee the demand will hold up."
The dates have not been set for the launch of the second phase, but it'll be after the launch of Keppel's Marina Bay Residences in the first quarter.
Keppel Group awarded the main contract for Reflections to construction firm Woh Hup for a record S$1 billion.
Mr Tan says it's the largest construction contract for a condominium in Singapore to date.
Construction began on Tuesday and is expected to completed by 2013.
Reflections at Keppel Bay is jointly developed by Keppel Corporation and Keppel Land. - CNA/ch
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