JUST SIMPLY SOLD: Caribbean at Keppel Bay unit sold for $1. 45 mil profit

A 2, 390 sq ft unit at Caribbean at Keppel Bay was recently sold for a profit of $1. 45 million. The seller bought the unit to get $2. 55 million ($1, 046 psf) in September 2005 before selling it for $3. 95 million ($1, 653 psf) on November 9 this year. Thus the seller realised a capital gain of 58% or an annualised return of 4. 1%.

The biggest profit in the development amounted to $2. 90 million. It accrued to a 4, 650 sq ft unit that fetched $5. 80 million ($1, 247 psf) in July 2013. The seller had purchased the unit for $2. 90 million ($624 psf) in September 2006.

Developed by Keppel Land, Caribbean at Keppel Bay is a 969-unit private condo located on the site of the former Keppel Shipyard. Completed in 2004, the project is located within walking distance of VivoCity shopping mall and the adjoining HarbourFront MRT interchange station. Devices at Caribbean benefit from its proximity to Marina at Keppel Bay also, which has offers and restaurants berthing facilities to get yachts.