Is it a Good Deal?: A three-bedder in RCR sold for a loss of $1.38 million
This year, two unprofitable transactions with million-dollar losses have taken place for Reflections at Keppel Bay (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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Earlier this month, a three-bedroom unit on the first storey of Reflections at Keppel Bay was sold for $2.8 million ($1,616 psf), resulting in a loss of $1.38 million. The seller had purchased the 1,733-sq ft unit in August 2013 for $4.18 million ($2,412 psf).
We used our analytics tool, Is it a Good Deal?, to determine whether the buyer of the unit in District 4 secured a good deal.
Near water and greenery
Reflections at Keppel Bay is located along Keppel Bay View within District 4. Despite being in the busy Central Region, residents are still able to enjoy the tranquillity of nature because the condo is just a short walk from Berlayer Creek, Labrador Nature Reserve, and Marina at Keppel Bay. At the same time, residents have easy access to public transport via the nearby Telok Blangah MRT Station (see Map 1).
The main drawback of the condo is the limited number of nearby schools. Blangah Rise Primary School is the only school within a 1km radius. If the distance is expanded to 2km, CHIJ St. Theresa’s Convent falls within that range (see Screenshot 1).
Another drawback is the lack of a major mall within walking distance. VivoCity is the nearest mall, but it is one MRT stop away via the Circle Line.
Source: EdgeProp Is it a Good Deal (as at 21 July 2025)
Reflections at Keppel Bay is a large development featuring 1,129 units, comprising a mix of one-bedroom to four-bedroom units. The majority of the units range from 775 sq ft to 7,989 sq ft.
The 99-year leasehold condo obtained its temporary occupation permit (TOP) in 2011, making it 14 years old. However, its land lease commenced in 2006, leaving it with a remaining lease of approximately 80 years.
Our tool also indicated that the transacted price of $1,616 psf for the subject unit is not only below the average price for Reflections at Keppel Bay, but also below the average prices for similar condos in District 4 and two neighbouring condos (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 21 July 2025)
Same unit involved in record-high loss and record-high profit
Since its launch in 2007, Reflections at Keppel Bay has recorded 315 unprofitable transactions, with losses ranging from breakeven to approximately $6.952 million. At the time of writing, three transactions have incurred losses exceeding $4 million (see Table 1).
In comparison, the condo has recorded only 235 profitable transactions, with profits ranging from approximately $600 to $6.625 million.
Source: EdgeProp Buddy (as at 21 July 2025)
The eye-watering loss of $6.952 million resulted from the sale of a top-floor unit for $11 million ($1,560 psf) in September 2021. The seller had purchased the 7,050-sq ft unit in May 2007 for $17.952 million ($2,546 psf).
Interestingly, the same unit was sold again in September 2022 for $17.625 million ($2,500 psf), netting the seller a profit of $6.625 million; a record-high gain for the condo (see Table 2).
Source: EdgeProp Buddy (as at 21 July 2025)
The loss of $6.952 million occurred because the first owner paid an above-average price for the unit and sold it at a below-average price. In 2007, the average price at Reflections at Keppel Bay was $1,858 psf, but the first owner paid $2,550 psf for the unit. Likewise, the unit was sold for $1,560 psf in 2021, when the average price for the condo was $1,640 psf.
In contrast, the second owner was able to gain $6.625 million by selling the unit in 2022 at an above-average price of $2,500 psf. That year, the average price for Reflections at Keppel Bay was $1,757 psf (see Chart 1). However, the seller would have had to pay Seller’s Stamp Duty (SSD), as they held the unit for just over a year. The SSD would have eaten into the profits from the profitable transaction.
Loss of $1.38 million is this year’s record-high
So far this year, 22 profitable and 18 unprofitable transactions have been recorded for Reflections at Keppel Bay. Profits range from approximately $5,000 to $1.18 million, while losses range from approximately $13,600 to $1.38 million. Hence, the recent sale of the subject unit represents the highest loss for the condo thus far this year.
Similar to the seller of the top unprofitable transaction—which generated a record-high loss of $6.952 million—the seller of this year’s record-high loss-making transaction also paid an above-average price for the unit and sold it at a below-average price. This month, the seller sold the unit for $1,616 psf, while this year’s average price for Reflections at Keppel Bay is $1,766 psf. In 2013, the seller paid $2,412 psf for the unit, when the average price for the condo was $2,037 psf (see Chart 1).
The subject unit is on the first storey and comprises three bedrooms, including an en-suite master bedroom, two additional bedrooms, and two common bathrooms. The 1,733-sq ft unit also features a private enclosed space adjacent to the living area (see Floor Plan 1).
Source: EdgeProp Research
So far this year, only two transactions have resulted in losses exceeding $1 million (see Table 3). Of the two, one involved the subject unit, while the other involved a fifth-storey unit that was sold in January for $7.2 million ($2,193 psf) and resulted in a loss of $1.365 million. The seller had purchased the 3,283-sq ft unit in August 2007 for $8.565 million ($2,609 psf).
Source: EdgeProp Buddy (as at 21 July 2025)
In contrast, only one transaction for Reflections at Keppel Bay has yielded a profit exceeding $1 million so far this year. The seller bought the 2,110-sq ft unit in August 2019 for $3.4 million ($1,612 psf) and sold it in February for $4.58 million ($2,171 psf), resulting in a gain of $1.18 million.
Interestingly, the same unit was involved in an earlier transaction that resulted in a loss of $2.668 million. The first owner bought the four-bedder in June 2010 for $6.068 million ($2,876 psf) and sold it in August 2018 for $3.4 million ($1,612 psf).
Two condos within 500m radius
Only The Foresta @ Mount Faber and Caribbean at Keppel Bay are within a 500m radius of Reflections at Keppel Bay. Caribbean at Keppel Bay is adjacent to Reflections at Keppel Bay, while The Foresta @ Mount Faber is farther away (see Map 2).
Having obtained its TOP in 2014, The Foresta @ Mount Faber is closer in age to Reflections at Keppel Bay, which received its TOP in 2011. Caribbean at Keppel Bay obtained its TOP in 2004, making it older than both of its neighbours.
Similar to Reflections at Keppel Bay, Caribbean at Keppel Bay has a 99-year leasehold tenure, but The Foresta @ Mount Faber is a freehold development. Furthermore, The Foresta @ Mount Faber is a significantly smaller development with only 141 units, while Reflections at Keppel Bay and Caribbean at Keppel Bay feature 1,129 units and 969 units, respectively.
Since 2023, the average resale price for Reflections at Keppel Bay ($1,766 psf) has dipped below that for Caribbean at Keppel Bay ($1,845 psf) (see Chart 2). This could be because the average resale price for Reflections at Keppel Bay fell by 3.3% since 2023, while that for Caribbean at Keppel Bay rose by 1.9%.
The price growth for Caribbean at Keppel Bay could be attributed to stronger demand for the condo. In 2023, 52 units at Caribbean at Keppel Bay were sold compared to 27 units at Reflections at Keppel Bay. Last year saw the sale of 57 units at Caribbean at Keppel Bay and 39 units at Reflections at Keppel Bay. So far this year, 40 units at Caribbean at Keppel Bay have changed hands compared to 19 units at Reflections at Keppel Bay.
The stronger demand for Caribbean at Keppel Bay could be due to its closer proximity to amenities such as VivoCity, the dual-line HarbourFront MRT Station, HarbourFront Bus Interchange, and Seah Im Food Centre.
No unprofitable transactions for Caribbean at Keppel Bay this year
Since its launch in 2000, 110 unprofitable transactions have been recorded for Caribbean at Keppel Bay, with losses ranging from breakeven to approximately $1.6 million. However, none of these unprofitable transactions took place this year.
The most recent unprofitable transaction was in December last year. The seller bought the 2,691-sq ft unit in August 2011 for $4.4 million ($1,635 psf) and sold it in December 2024 for $4.2 million ($1,561 psf), resulting in a loss of approximately $200,000.
However, the same unit was previously involved in two earlier transactions. Of these two, one was also unprofitable for its seller, while the other resulted in a gain (see Table 4).
The first owner bought the unit in October 2000 for $2.21 million ($821 psf) and sold it in February 2006 for $2.2 million ($818 psf), resulting in a smaller loss of $9,500. The second owner sold the unit in August 2011 for $4.4 million ($1,635 psf), earning a profit of $2.2 million.
In comparison, the most recent profitable transaction for Caribbean at Keppel Bay took place last month when an 893-sq ft unit was sold for $1.76 million ($1,970 psf), resulting in a profit of $360,000. The seller had bought the unit in April 2011 for $1.4 million ($1,567 psf).
The same eighth-storey unit was also involved in an earlier transaction that resulted in a smaller profit of $205,000. The previous seller had bought the unit in August 2009 for $1.195 million ($1,338 psf) and sold it in April 2011 for $1.4 million ($1,567 psf) (see Table 5).
Source: EdgeProp Buddy (as at 21 July 2025)
Surpassed counterparts in District 4
Since 2022, the average resale price of Reflections at Keppel Bay has trended below that of 99-year leasehold condos in District 4 aged 11 to 20 years. However, this year, the average resale price of Reflections at Keppel Bay ($1,766 psf) surpassed that of its District 4 counterparts ($1,757 psf). However, the prices for both remain below the average resale price for similar condos in the Central Region ($2,029 psf) (see Chart 3).
Notably, the average resale price of Reflections at Keppel Bay has grown by 10.7%, while that of similar condos in District 4 has increased at a significantly faster pace of 15.4%. Meanwhile, the average resale price for their counterparts in the Central Region rose by only 7.2%.
Conclusion
Although the loss of $1.38 million is this year’s record high for Reflections at Keppel Bay, it is still significantly below the overall record high of $6.952 million for the condo. This puts the loss of $1.38 million for the subject unit at the lower end of the loss spectrum.
However, it is notable that Reflections at Keppel Bay has recorded two unprofitable transactions with losses exceeding $1 million this year. In contrast, its nearest neighbour, Caribbean at Keppel Bay, has yet to record any unprofitable transactions this year.
Furthermore, the average resale price for Caribbean at Keppel Bay has surpassed that of Reflections at Keppel Bay since 2023. The silver lining is that the average resale price for Reflections at Keppel Bay managed to outperform condos of similar age in District 4 this year.
To learn more about this transaction, and whether it is a good deal, click here.
Check out the latest listings for Reflections At Keppel Bay, Caribbean At Keppel Bay, District 4 properties
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