DEAL WATCH: Caribbean at Keppel Bay unit going for $1,333 psf

By Tan Chee Yuen / The Edge Property | December 16, 2016 9:25 AM SGT
The 969-unit Caribbean at Keppel Bay is a redevelopment of the former Keppel shipyard. Completed in 2004 by Keppel Land, it is located near VivoCity shopping mall at HarbourFront, which is linked directly to the HarbourFront MRT interchange station. The site also fronts the Marina at Keppel Bay, where residents can enjoy club facilities such as restaurants and berthing facilities for their yacht.
On the market now is a 1,485 sq ft three-bedroom unit on the first level of one of the 11 low-rise, 10-storey blocks. The unit has a price tagged of $1.98 million ($1,333 psf) and is listed on TheEdgeProperty by Cassia Leong, a property agent with Dennis Wee Realty. It is a mortgagee sale and was put up for auction twice previously: in October by Knight Frank with an opening price of $2 million, and a second time in November for $1.98 million. As there were no bids at both auctions, the property was withdrawn and is now available for sale by private treaty.
The unit enjoys a view of the waterway, according to Leong. It is vacant and in move-in condition. Given its size, it is likely to attract families buying for their own use.
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A 1,281 sq ft unit at Caribbean was recently sold at $1,421 psf
Transactions from September to November ranged from $1.38 million ($1,545 psf) for an 893 sq ft, two-bedroom unit on the fifth floor to $3.95 million ($1,653 psf) for a 2,390 sq ft, three-bedroom unit on the third floor. The latest transaction at Caribbean was that of a 1,281 sq ft unit on the third floor; it changed hands at $1.82 million ($1,421 psf), according to a caveat lodged on Nov 21.
Based on caveats lodged so far this year, there were four transactions of first-floor units. They ranged from $1.63 million ($1,429 psf) for a 1,141 sq ft unit to $2.06 million ($1,387 psf) for a 1,485 sq ft unit.
The 1,485 sq ft, three-bedroom unit on the market for $1.98 million is attractive because it costs less than what the previous owner paid five years ago, according to a caveat lodged then.
Units measuring 1,400 to 1,500 sq ft at Caribbean at Keppel Bay have monthly rental rates of $5,100 to $7,100, depending on whether the units are furnished. This means that gross rental yields are 3.1%
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This article appeared in The Edge Property Pullout, Issue 759 (Dec 19, 2016) of The Edge Singapore.