DEAL WATCH: Caribbean at Keppel Bay unit selling at 2010/11 prices
By Tan Chee Yuen
/ The Edge Property |
A 1,227 sq ft unit at Caribbean at Keppel Bay is on the market with a price tag of $1.8 million ($1,467 psf), according to a listing on TheEdgeProperty.com. The three-bedroom unit is situated in one of the blocks fronting the outdoor water fountains, says Lee Chuan Cheng, a property agent with ERA Realty Network, who is marketing the property.
The asking price today is back to levels seen in 2010 and 2011, when 1,227 sq ft units were sold at prices averaging $1,432 psf and $1,497 psf respectively. At the height of the market, a 1,227 sq ft unit fetched $2 million ($1,630 psf), according to a caveat lodged in August 2014.
The three-bedroom unit is currently tenanted, with the lease expiring by year end, says Lee. The monthly rental rate for the unit is $4,800, which translates into a gross rental yield of 3.2% based on the asking price.
The 1,227 sq ft three-bedroom unit priced at $1.8 million is situated in one of the blocks fronting the outdoor water fountains
A total of 11 leasing deals were transacted in August for units of 1,200 to 1,300 sq ft. These units were leased at an average monthly rental rate of $5,200.
Developed by Keppel Land, Caribbean at Keppel Bay is a 969-unit private condo located on the site of the former Keppel Shipyard. Completed in 2004, the project is located within walking distance of VivoCity shopping mall and the adjoining HarbourFront MRT interchange station. Units at Caribbean also benefit from its proximity to Marina at Keppel Bay, which has restaurants and offers berthing facilities for yachts.
The units fronting the marina enjoy sea views while most of the units look toward the water canals, swimming pools or water features, according to property agents.
For more information, call marketing agent Lee Chuan Cheng at 8309 6269.
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