Mapletree Investments and Keppel Land, joint venture partners, sold 280 of the 300 units launched at The Reef at King’s Dock on January 30. This indicates that 93 percent of the available units were sold in a single day. The sales total represents 65.3 percent of the project’s 429 units. Prices for apartments sold varied from $2,000 to $2,800 psf, with an average price of $2,330 psf attained.
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According to reports, the units sold were a nice mix of one- to three-bedroom flats. The Reef’s 116 one-bedroom and one-bedroom-plus-study homes have all been sold, with prices beginning at $924,000.
Amy Ng, Mapletree’s regional CEO for Southeast Asia and group retail, attributes the development’s success to “the extravagant features and waterfront experiences given by the development, combined with the convenient position with comfortable access to various amenities are key elements that make the development a lovely place to call ‘home.'”
The Reef at King’s Dock will be “well located to benefit from the upgrades and expansion in the area,” according to Ng, as future plans for the Greater Southern Waterfront materialize.
Homebuyers were also drawn to “the beautiful combination of urban and natural aspects in the design, excellent interiors, and the unique floating deck, which is Singapore’s first in a residential development,” according to Keppel Land president Ng Ooi Hooi (Singapore and regional investments).
“It’s a one-of-a-kind project,” says Mark Yip, CEO of Huttons Asia. “It is difficult to locate a lifestyle resort house with a marina and the sea right on your doorstep. The floating deck is the first of its kind in Singapore.”
Huttons Asia is marketing the Reef in collaboration with ERA Realty Network and PropNex Realty.
Pricing that is appealing, as well as rentability
The Reef’s high sales, according to Ismail Gafoor, CEO of PropNex Realty, are due to the fact that it is a premium property that is reasonably priced. “With one-bedroom flats beginning from under $1 million, it is a pricing that is within the grasp of many Singaporeans, particularly those who want to buy an investment property inside the future Greater Southern Waterfront,” adds Gafoor.
The two-bedroom condos at The Reef, starting from $1.5 million, were also popular with purchasers, according to Dominic Lee, head of PropNex’s luxury division. “Those with views of the sea or King’s Dock were equally highly for,” he continues. Lee estimates that 90 percent of the purchasers are Singaporeans.
Aside from owner occupiers, the one- and two-bedroom flats at The Reef are appealing to investors because they are “very rentable” given the project’s proximity to the HarbourFront area, according to Doris Ong, COO of ERA Realty.
Taking advantage of the good attitude
According to Gafoor of PropNex, the robust sales at The Reef are not indicative of other forthcoming project launches. The Reef offers distinguishing features, such as its closeness to the HarbourFront district, which is within walking distance of VivoCity, Singapore’s largest mall, and the HarbourFront MRT interchange station, says Gafoor.
“The Reef at King’s Dock profited from the optimistic feeling that has been building since 4Q2020,” adds Gafoor. According to Gafoor, strong take-up rates were witnessed on the first day of introduction at projects such as The Linq@Bukit Timah (96 percent sold) in November and Clavon at Clementi Avenue 1 (70 percent sold) in December. Normanton Park, the first and largest significant launch of 2021, sold around 600 of the development’s 1,862 units on the first day of sales. Meanwhile, 414 units (59 percent) of the 700-unit Parc Central Residences at Tampines Street 86 were sold on January 23.
More sales upcoming
“While this is encouraging news, the sales this weekend raise the prospect of more government intervention,” warns Nicholas Mak, ERA Realty’s head of research.
“The Reef’s successful launch might inspire developers to accelerate the launch of other products,” Mak notes.
Lee Sze Teck, director of research at Huttons Asia, concurs. “Developers will be eager to capitalize on the sales momentum in January to launch new premium projects in the following months,” he observes.