The Reef at King’s Dock is a 429-unit, 99-year leasehold luxury condominium development by Mapletree and Keppel Land in District 4. The condo is located along Keppel Bay and features waterfront living and scenic sea views.
Keppel Land is the property arm of the Keppel Group, one of Singapore’s largest multinational groups with key businesses in offshore and marine, property as well as infrastructure. Its portfolio includes residential developments and investment-grade commercial properties. The firm is diversified in Asia, with Singapore and China as its core markets as well as Vietnam and Indonesia as its growth markets.
Project Name: Corals at Keppel Bay
Address: Keppel Bay Drive
Site area: Approx. 420,000 sqft
Tenure: 99 years from February 2007
Configuration: 366 residential units
46 1-bedroom units (570 – 732 sqft)
115 2-bedroom units (840 – 1,066 sqft)
87 3-bedroom units (1,184 – 1,421 sqft)
70 3-bedroom deluxe units (1,389 – 1,593 sqft)
18 4-bedroom units (2,573 – 2,777 sqft)
22 4-bedroom deluxe units (2,766 – 3,660 sqft)
8 penthouse units (4,725 – 7,868 sqft)
Maintenance fees: Approx. $570 – $1,188
418 normal lots
5 handicap lots
Expected TOP: 3Q2016
Expected legal completion: 3Q2019
Corals at Keppel Bay is a 366-unit development located along Keppel Bay Drive. At time of writing (June 2016), around 60% of units have been sold. All unit types are still available.
For interested buyers, the show flat is a short distance from the site, further inside near Keppel Bay Vista.
Construction is almost done.
The project consists of 11 low- and medium-rise blocks ranging from 5 to 10 storeys tall.
Facilities are spread out evenly across the development.
The pool is a great area for lounging and relaxing.
The clubhouse with the multi-purpose studio, lounge, function room and gym.
The Keppel Bay precinct, and view of the entire project from above.
Homeowners at Corals at Keppel Bay can enjoy lifestyle facilities at the clubhouse as well as leisure charter services to access neighbouring islands.
For 1-bedroom units, stack 24 is outward facing towards Caribbean at Keppel Bay. Stacks 41 and 45 are also outward facing, but towards King’s Dock.
Stacks 22 and 26 are inward facing.
For 2-bedroom units, stacks 34, 35, 42 and 44 are outward facing towards King’s Dock.
Stacks 33 and 36 are outward facing, but have a view of the entrance gateway.
Stacks 40 and 43 are outward facing towards Caribbean at Keppel Bay.
For 3-bedroom units, stacks 1 and 4 are inward facing, with a view of the clubhouse.
Stacks 13, 14, 17, 20, 21 and 23 are outward facing towards Caribbean at Keppel Bay.
For 3-bedroom deluxe units, premium stacks would be stacks 15 and 16 which are inward facing with a full pool view.
Stacks 2, 3, 30 and 31 are outward facing towards King’s Dock.
Stacks 18 and 19 are inward facing, with a view of the clubhouse.
For 4-bedroom units, there are 3 stacks – 5, 6 and 7 – and they all have a pool view as well as a view of King’s Dock.
For 4-bedroom deluxe units, stacks 10 and 12 have a pool view. Stack 9 has a partial pool view and stack 8 will have a view of King’s Dock.
Showflat units are available for the 3- and 4-bedroom units. Photos in this review are from both units.
Cabinets with solid surface countertops and a sink with mixer are provided with the kitchen. Appliances provided in the 3-bedroom unit include a built-in oven, gas cooker hob, refrigerator, washer and dryer all from De Dietrich.
The dining area is right in front of the kitchen.
The living area is to the right of the kitchen, and extends to the balcony.
The balcony is pretty wide and stretches to cover one of the common bedrooms.
The view of the living and dining area.
One of the common bedrooms is slightly smaller and it would be better to go with a single bed.
The other common bedroom shares the main balcony and is large enough to accommodate a queen bed.
The common bathroom has a wet and dry area as per normal. Fittings are from Zuchetti, Toto and Geberit.
The master bedroom can accommodate a king-sized bed and still have sufficient leg room. It also comes with a small balcony.
The master bathroom is slightly larger than the common one.
The kitchen in the 4-bedroom unit is definitely much bigger, and comes with a wine chiller, conventional and steam ovens and a zone less induction hob on the island in the centre, in addition to the standard provisions.
The kitchen leads to a pretty large yard area.
The utility space and water closet are in the yard space. The place is ideal for your helper should you have one, in terms of privacy.
The kitchen also has a mini private enclosed space (PES) at the back.
There is a powder room to the side of the kitchen.
The living area is in front of the kitchen and extends to the balcony.
The dining area is right in front of the entrance.
The space is wide enough for segregation of the living and dining areas.
Between the kitchen and the living area, you have a family lounge space.
The view of the family lounge from the living area.
The common bedrooms are all very spacious.
You can play around with the space and even turn one of them into a work/study/reading lounge.
The common bathrooms all vary in size.
The master bedroom can accommodate a king-sized bed and still have more than enough space.
It comes with a walk-in wardrobe space as well.
And finally, the master bathroom. It comes with ‘his and hers’ sinks and an automated water closet from Toto.
It also comes with a bathtub.
Buyers are likely to be a mix of owner-occupiers and those looking to lease. Singaporeans and permanent residents account for an estimated 78% of sales currently.
Harbourfront, situated in southern Singapore within the town of Bukit Merah, is actually officially known as Maritime Square. The area was originally known as Seah Im but was also referred to as Jardine Steps. After the Port of Singapore expanded, it was developed into Maritime Square and later renamed Harbourfront.
Getting there: Corals at Keppel Bay is located along Keppel Bay Drive of District 4. If you’re travelling by train in the mornings, Raffles Place MRT is about a 10-minute ride from Harbourfront MRT. By car, it is a 7-minute drive to town via Keppel Road and Delta Road, assuming optimal traffic conditions.
Harbourfront MRT is about an 8-minute walk away. From there, Dhoby Ghaut MRT is four stops down, City Hall MRT five stops and the entire Orchard Shopping Belt and CBD area six stops down.
The estate: The area surrounding Corals at Keppel Bay is mostly residential and commercial. The waterfront development is next to the famous King’s Dock and fronts West Coast Highway.
The nearest bus stop is a short walk away, along Telok Blangah Road. Between them, the services cover quite a large part of the island.
As for school options, there are a few nearby.
- Canadian International School
- ISS International School Singapore (Preston Campus)
- SP Jain School of Global Management
- Global Indian International School
- Sir Manasseh Meyer International School
- United World College of Southeast Asia
VivoCity is a 5-minute walk away. Anchor tenants at Singapore’s largest mall include Golden Village Cinemas, VivoMart and Tangs Department Store. The mall boasts 340 stores.
Other nearby malls include Queensway Shopping Centre, IKEA and the entire Orchard Shopping Belt with malls like 313@Somerset, Orchard Central, Paragon, Wisma Atria and ION Orchard.
Mapletree Business City is a 5-minute drive away, making Corals at Keppel Bay the perfect residence for professionals working there and possibly going to be employed there in future. The upcoming Mapletree Business City II is slated to open later this year, meaning more jobs as well.
For nature lovers, Labrador Park is also pretty near to Corals at Keppel Bay. By car, it is a 5-minute drive. Mount Faber Park as well as Telok Blangah Hill Park, Hort Park and Kent Ridge Park are all also nearby.
Sentosa Island is also a 5-minute drive away. Attractions at the island resort include a 2km long sheltered beach, Fort Siloso, two golf courses, the Merlion, 14 hotels and Resorts World Sentosa featuring the Universal Studios Singapore theme park.
Golfers won’t have to travel that far however, as Keppel Golf Links is just next door.
SAFRA Mount Faber is a 4-minute drive away. Kids will enjoy the indoor playground (Kidz Amaze) and the bowling facilities at the site. There are a few dining options there too.
Lastly, the development is right across Marina at Keppel Bay, which has 168 berths that can accommodate boats ranging from 20 feet to mega yachts of more than 200 feet long.
As for healthcare needs, Alexandra Hospital and Singapore General Hospital are a 4-minute and 5-minute drive away, respectively.
Caveated transactions for Corals at Keppel Bay at time of writing (July 2016) stands at 196. Recorded transaction prices range from $1.305M to $12.2M (see Chart 1).
Corals at Keppel Bay’s closest competitor would be Reflections at Keppel Bay, located about 500m away. Completed in 2013, its current median price is $1,834 psf to Corals’ median of $2,144 psf. Different market conditions at time of launch for both projects can account for the difference in price. Residents at Reflections at Keppel Bay are also likely to be a good mix of owner-occupiers and tenants who like the project’s location.
Units at Reflections at Keppel Bay range from 1- to 4-bedroom units and penthouse units. To have a clearer picture, we will be looking at 1- and 3-bedroom units in particular, across both developments. According to caveats, Corals at Keppel Bay’s 3-bedroom units have a median price of $1,995 psf while Reflections at Keppel Bay’s is $1,953 psf. Transactions for the units at Corals range from $2.196M to $3.543M, and are between $2.217M and $4.752M at Reflections.
As for 1-bedroom units, Corals’ have a median price of $2,283 psf and Reflections’ have a median price of $1,948 psf. Transactions for the units at Corals range from $1.305M to $1.607M, and are between $1.214M and $1.924M at Reflections.
Before deciding based on these numbers alone, we should look at unit sizing as well. Units at Reflections at Keppel Bay are generally larger than at Corals at Keppel Bay. 1-bedroom units are between 570 sqft and 732 sqft at Corals and are between 775 sqft and 872 sqft at Reflections. To be fair, the units at Reflections are all 1-bedroom + study units. 3-bedroom units are between 1,184 sqft and 1,421 sqft at Corals. At Reflections, they are between 1,507 sqft and 1,851 sqft. Hence, the higher price points for units at Reflections at Keppel Bay.
Future Rental Potential
To understand what rental prices will be like for Corals at Keppel Bay, we need to look at rental prices for other projects in the area.
The current median rental price for District 4 (Telok Blangah / Harbourfront) is around $4.18 psf per month at time of writing, based on rental transactions for the past 4 quarters. However, the current median rental price for non-landed properties along Keppel Bay Drive and Keppel Bay View in particular, is around $4.76 psf per month at time of writing.
At these rates, a 3-bedroom unit around 1,421 sqft at Corals would go for around $8,100 a month, after factoring a 20% premium for its new build. With the median price for the unit being around $2.572M, the annual gross rental yield at the current rate would be an estimated 3.8%. The median unit size of a 3-bedroom at Reflections, on the other hand, would probably fetch around $8,800 a month at today’s rental rates. This translates to around 3.3% in annual gross rental yield.
A 1-bedroom unit at Corals would go for around $4,100 a month and this would approximately be a 3.4% rental yield. With Reflections, you could get around $4,200 a month and this would be an estimated 3.2% in annual gross rental yield.
According to the estimated figures, rental yield for Corals at Keppel Bay seems to be a bit higher. Nearby amenities are pretty similar, with the projects being about 500m apart. Unit sizing however, differs with units at Reflections at Keppel Bay being larger.
Overall, Corals at Keppel Bay seems to be the safer bet in terms of future rental yield.
Being a waterfront residence, location is actually a big selling point for Corals at Keppel Bay. Besides offering residents great views of Sentosa and Keppel Bay, the project is strategically situated on the city fringe, just minutes away from the bustling Orchard Shopping Belt and CBD area.
Easy access to major expressways like the CTE and AYE as well as proximity to Harbourfront MRT make it very convenient for residents – the number of rental contracts along Keppel Bay Drive and Keppel Bay View itself over just the past 4 quarters is testament to this.
Residents at Corals at Keppel Bay will also be the first in Asia to enjoy a fully integrated smart home management system. The app Habitap will integrate lifestyle aspects ranging from remotely controlling household devices to managing guest lists for private functions.
The only potential drawback would be that in terms of educational institutions, there aren’t any within short walking distance. And if we’re talking about tertiary institutions, the nearest would be a 15-minute drive away.
Investment potential is high and this is evident from the fast-selling 1-bedroom units. If you’re in the market for a unit in prime District 4, Corals at Keppel Bay may be worth taking a look at.