Corals at Keppel Bay sold 70 units ahead of launch

Units are at most $2,100 psf.

CIMB visited Corals at Keppel Bay (99-year leasehold), a new prime residential launch by KepLand/KepCorp previewed over the weekend.

CIMB noted that as at 2pm on Sun, 19 Apr, around 70 units had been sold at the 366-unit project. Most of the buyers were locals and PRs. The project is located at Keppel Road, between Caribbean and Reflections, both developed by KepLand/KepCorp.

Around 43% of Corals is made up of 1-2 bedders (500-900sf) with the rest being 3-bedders and above (>1,100sf).

Here's more:

Footfall at the showflat was brisk with buyers attracted to its “waterfront living” concept. There appears to be still demand for prime/high-end units that are differentiated and in good locations. Mortgage rates on offer remain attractive at 1.1-1.9% on average for three years.

That said, pricing remains an issue, in our view.

Stamp-duty absorption of 13% was offered, with some cases as high as 20%. Effective prices are S$2k-2.1k psf, in line with the resale prices at Reflections.