Table of Contents
On Jan 30 Mapletree Investments and Keppel Property, joint undertaking partners, sold 280 out of the 300 units issued in King’s Dock’s The Reef. 93 percent of the issued units were then sold in one day. Of the 429 units in the Project, sales amounted to 65.3%. The sale price varied from $2,000 to $2,800 per product per unit, with $2,330 per unit average selling price.
The Reef at King’s Dock has sold a total of 280 units out of 300. A decent combination of one to three bedroom units was said to be sold. The Reef’s 116 one and one bedroom plus learning units is entirely offered from $924,000 at costs.
The effective launch is due to the “luxurious features” and experiences on the waterfront of growth, along with the convenient position with quick access to a broad variety of facilities, Amy Ng, Mapletree’s regional chief executive officer and community retail.
The Reef of the King’s Dock is well situated to benefit from developments and expansion in the precinct as the development ambitions of the Greatter Süd Waterfront unfold, continues Ng.
Homebuyers were also attracted to “The esthetic combination between urban and natural elements in the design, the high standard interior and the iconic floating deck, the first floating deck to be developed in Singapore,” says Ng Ooi Hooi, president of Keppel Property (Singapore and regional investments).
Mark Yip, Huttons Asia’s CEO, says “It is a really special idea. “It’s tough to make the sea and the harbor at your doorstep a resort of lifestyle. In Singapore, the floating deck is the first.”
Attractive pricing, cost efficiency
The strong selling is the idea that The Reef is a luxurious project with an enticing price, credited to Ismail Gafoor, CEO of PropNex Realty. ‘To many Singaporeans, especially those who want an investment property for themselves in the future Greater South Water Front is the price of one bedroom units starting at less than $1 million.’
The Coral, the $1.5 million double bedroom units were also common with customers, Dominic Lee, PropNex’s luxury headquarters staff. “Those with views of either King’s Dock or seaview were also sought-after,” he says. Lee reports that 90% of Singaporeans are consumers.
In addition to buyers, The Reef single and double bedrooms are often appealing for developers since they are “very profitable” considering the position of the project close to the harborfront, remarks Doris Ong, COO of ERA Realty.
Take the optimistic perspective
However, good sales at The Reef do not reflect the upcoming start of the plant, Gafoor of PropNex says. Gafoor adds that the reef has special characteristics and is situated within convenient walking distance of VivoCity, the largest mall in Singapore, and HarborFront MRT interchange.
“Thanks to the positive feeling that has developed since 4Q2020, the reef at King’s Dock,” says Gafoo. On the first day of the launch, high occupancy rates were observed for projects like The Linq @ Bukit Timah (96% sold) in November, and Clavon in December (70% sold) in Clementi Avenue 1 (70% sold). The first big launch in 2021 and the largest, Normanton Park, on the first day of launch, sold about 600 out of 1.862 units.
Meanwhile, Tampines Street 86’s 700-unit Parc Central Residences accomplished 414 (59 percent) sales on January 23. “Sales this past weekend, while it’s good news, are more likely to increase the risk of government intervention,” warns ERA Realty Analysis Head Nicholas Mak.
Developers to step up execution of latest launch initiatives
“The successful launch of The Reef could encourage developers to speed up the launch of their projects,” Mak says.
Huttons Asia Analysis Chief Lee Sze Teck accepts. “Developers will be looking to push new luxury projects through the sales momentum in the coming months in January,” he says.
Including the Guoco Land 558-unit, Midtown Modern; the 138-unit Klimt Cairnhill (the former Cairnhill Mansion’s redevelopment) by Low Keng Huat; the 39-unit 16 Cairnhill Joint venture partners, Tiong Seng Holdings, and the Ocean Sky International Joint Venture Residences; and the Irwell Hill 540-unit City Developments ventures.