There has been a spike in transactions at Corals at Keppel Bay since the 366-unit luxury condominium project by developer Keppel Land obtained its Temporary Occupation Permit in October. In accordance to house agents, the developer is offering a new post-TOP scheme intended for selected models. It includes a standard 10% discount, a 10% additional buyer’s stamp duty absorption, plus a 3% early-bird discount.
October In, models of 872 sq ft to 1, 389 sq ft were sold at prices ranging from $1, 755 psf to $1, 919 psf. The three units sold last month were two-bedders from the second to the fourth levels of the same stack. A 926 sq ft unit around the second floor was sold for $1. 692 million ($1, 828 psf), according to a caveat lodged on November 15. Over it Straight, a 915 sq feet two-bedder fetched $1. 693 million ($1, 850 psf) on November 20. Some other 915 sq ft device on the last level was sold for $1. 712 mil ($1, 871 psf).
The dip in prices will be evident in comparison with the average selling price of about $2, 200 psf achieved in 2013, when ever Corals premiered first. The developer according to the project is around 60% acquired by date. Regarding 60% of your buyers will be said to be Singaporeans, with long lasting residents accounting for 16% and foreign people, 24%.
The project was created by well known architect Daniel Libeskind when “a coral reefs reef”, with 11 hindrances of five to 10 storeys. Libeskind designed the adjoining Reflections for Keppel These types of also, simply by Keppel Area and designed in 2011 likewise. Both Glare and Corals are 99-year leasehold jobs.
Like the high end condos in Sentosa Cove, the two jobs at Keppel Bay are generally not subject to situations of the Being approved Certificate (QC), which needs the designer to sell away all their units inside two years of completion or perhaps pay action charge prorated to the amount of unsold units inside the project.
Corals has a broad variety of units, via one- to four-bedders of between 570 and the 3, 660 sq ft. You will find eight penthouses of some also, 725 to several, 868 sq ft. Among the penthouses distributed was a some, 930 sq ft device that fetched $12. two million ($2, 475 psf) in Nov 2013. It had been also the best absolute selling price achieved for the unit inside the development. In the meantime, the highest selling price psf was for a the 3, 520 sq ft, four-bedroom unit over the fourth floorboards. It fetched $10. twenty four million or perhaps $2, 960 psf in-may 2015.
On the junction of Balmoral Street and Dahon Road can be Hong Leong Holdings’ A person Balmoral in prime Location 10. In September The freehold 91-unit condo obtained its TOP. One Balmoral contains double 12-storey prevents with a mix of one- to four-bedroom devices of 592 to 2, 691 sq ft, including penthouses.
Five units have been sold to day since Nov 12, based on caveats lodged with URA Realis. They ranged from a 592 sq ft one-bedder on the second level that fetched $1. 34 million ($2, 258 psf) to a four-bedroom unit of 1, 658 sq ft on the 11th floor that was sold for $3. 87 million ($2, 332 psf). Two three-bedroom units of 1, 421 sq ft around the sixth and seventh floors were offered also, to get $3. 11 million ($2, 190 psf) and $3. 13 million ($2, 206 psf) respectively.
Based on caveats lodged, to the recent spate of sales prior, presently there had not been any recorded deals at 1 Balmoral since May last year, when a 592 sq ft one-bedder around the third level fetched $1. 45 million ($2, 441 psf).
The recent pickup in sales was attributed to the 13% discount offered by Hong Leong, with effect from Nov 12, in accordance to house agents. When the project was first launched in mid-2013, devices were sold at prices ranging from $2, 010 to $2, 603 psf.
Based on caveats lodged, 14 units have been sold to day. However , because Hong Leong Holdings is usually held independently, it is not subject to QC conditions and is, therefore , not under pressure to sell all the units within two years of completion.