Reflections at Keppel Bay Review — Keppel Bay · D04
PI Score: 57/100 — Good
Is Reflections at Keppel Bay a good buy?
PI Score rates Reflections at Keppel Bay 57/100 — a "Good" verdict. That makes it a conditional buy for buyers who prioritise a central, well-connected address and investors chasing a workable ~3.2% yield. Strongest card: Healthy transaction liquidity. Main watch-out: District price gap is wide. Negotiate hard — pricing leaves little margin of safety.
Last updated 2026-08-03 · scored against URA caveat data.
Key facts
- Verdict: Good
- Region: Core Central Region
- Tenure: 99-yr leasehold
- Completed: 2011
- Units: 1,129
- Developer: Keppel Land
- Avg PSF: ~$1,700 psf
- Price from: S$1.5M
Live market data
- Resale transactions (12mo): 55
- Recent resale PSF: ~$1,700 psf
- Gross rental yield: 3.7%
What works in its favour
- Healthy transaction liquidity: 55 resale transactions in the past 12 months — wide exit pool, easier to price-discover.
- Tight new-launch competition: Only 1 active private launch in your district — scarcity supports resale liquidity and pricing.
- Real gross yield: 3.7%: Yield is above the SG private market median (~3.2%). Decent cash flow buffer if interest rates climb. Based on URA median rent (2026Q1) over the project's real resale PSF.
- 3-bedder × investment — appreciation sweet spot: Sells into the deepest pool — owner-occupier families. That demand floor drives durable capital appreciation. The investor default for total return, not just headline yield.
What to watch out for
- District price gap is wide: New launch PSF is +29% above the 5–10 year resale median in Telok Blangah / HarbourFront. Market needs ~6 years of growth to match the entry price.
- Thin future upgrader pool: Live count: 0 HDB blocks within 2km cross the 5-year MOP between 2025 and 2028 (of 177 HDB blocks total within 2km), and 3 nearby BTOs (incl. Berlayar Residences, ~2030) add a fresh upgrader wave from ~2035. Narrow pool to absorb your resale — demand leans more on private-market churn here.
Who Reflections at Keppel Bay suits
- Buyers who prioritise a central, well-connected address
- Yield investors — ~3.2% gross is workable; favour larger unit types
- Buyers who value a stable, established neighbourhood over speculative upside
Who should look elsewhere
- Buyers who need a margin of safety — pricing is full and leaves little room for error
- Short-term flippers — stamp duty + agent fees demand a 5-year minimum hold
- Families for whom P1 school access is the primary criterion
Huat Kueh says
55 resales in a year, #1 in D4 — liquid. At ~$1,700 psf, price is full — must negotiate.
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