The Reef At King’s Dock review

Overview-

1. Historical Overview:

   – The Reef at King’s Dock is the fourth residential plot in the 32-ha Harbourfront redevelopment project.

   – The Harbourfront project was initially planned for 10 years but extended to a 22-year timeline.

   – Keppel Land’s 1999 Annual Report highlighted “smart home” features in its first project.

2. Potential Demand:

   – The development has attracted substantial attention from mainstream media and the public.

   – Strategic location within the Harbourfront redevelopment project suggests high potential demand.

3. Personal Observation of Price Trends:

   – Reflects on the significant changes since the initial project in 1999.

   – Notes the evolution from a 10-year plan to a 22-year plan.

   – Highlights the early “smart home” features as a reminder of technological advancements.

4. Developer’s Pricing Strategy:

   – Keppel Land’s commitment to the 22-year Harbourfront redevelopment project.

   – Mentions the “smart home” features as an early indication of the developer’s innovative approach.

5. Prediction for Unit Pricing:

   – The text does not explicitly provide a prediction for unit pricing.

6. Comparison with Previous Peaks:

   – The historical significance of King’s Dock, once the world’s second-largest dock in 1913.

   – Connects the development to Singapore’s historical prosperity linked to trading activities.

7. Market Caution and Consideration:

   – Encourages understanding the location’s history for a better appreciation of the investment.

   – Implies potential challenges due to the extended timeline of the Harbourfront project.

Inside Tour

Overview:

– The Reef at King’s Dock is a highly anticipated waterfront condo.

– Indicative prices starting from $960,000, creating significant interest, especially with the allure of sea views.

– Acknowledges the premium pricing for waterfront properties due to limited land availability.

Development Context:

– The development is the fourth residential plot in the 32-ha Harbourfront redevelopment project.

– The Harbourfront project was initially planned for 10 years but extended to a 22-year timeline.

– Highlights the historical significance of King’s Dock, the second-largest dock in the world in 1913.

Differentiation and Features:

– Unique selling point of being the only development without a “Keppel Bay” address.

– Concerns raised about potential losses based on experiences with Reflections and Corals.

– Lease start date topped up to January 2021, addressing concerns about extended timelines.

Design and Facilities:

– Varied unit layouts, with a focus on 1 and 2-bedroom units.

– Strategic road accessibility along Harbourfront Avenue for easy CBD access.

– Showflat location allows potential buyers to visualize their daily views.

North Site Facilities:

– 1-to-1 parking ratio despite excellent public transport connectivity.

– 81% of units are 1 and 2-bedroom layouts, potentially reducing reliance on cars.

– Diverse block heights maximize waterfront views for a significant number of units.

South Site Facilities:

– Highlight of the development is the 180m floating deck, integrating pools seamlessly with King’s Dock.

– Emphasis on environmental considerations with marine ecology specialist involvement.

– Floating dock’s proximity to Corals at Keppel Bay may pose challenges for existing residents.

Additional Amenities:

– Inclusion of 3-bedroom villas, offering multi-generational living alternatives.

– 50m lap pool and smaller leisure pools for residents.

– Unique marine viewing hammock for a close-to-nature experience.

– Standard facilities such as a tennis court, gyms, and outdoor exercise areas.

– Rooftops of certain blocks used for rainwater harvesting and irrigation.

– Various social pavilions, lounges, and dining areas to cater to diverse resident needs.

1-bedroom unit: 538 square feet.

Unit Details:

• Size of the 1-bedroom unit: 538 square feet.
• Total number of 1-bedroom units: 116 (27% of total units).
• Range of sizes for 1-bedroom units: 431 square feet to 657 square feet.

Private Lift Lobby:

• Stylish and minimalist display of unit numbers.
• Inclusion of a lockable shoe cabinet for each unit.

Dining Area:

• Open-concept design with no wasted foyer space.
• 2.9-meter ceiling height for a spacious feel.
• Marble floors and a decent-sized dining area for approximately 4 people.

Kitchen:

• Open-concept kitchen with high-end Miele appliances.
• Inclusion of a lockable shoe cabinet for each unit.
• Matt black sink and premium finishes.

Living Room:

• Spacious living area with room for a 2/3 seater couch.
• 2.9-meter ceiling height enhances the overall space.
• Premium feel with dark wood and minimalistic design.

Storage:

• Additional storage space behind the dining table, housing the DB box.

Bedrooms:

• Adequate space for a king-size bed with room to walk on both sides.
• Wardrobe with nifty features, including a dark glass sliding door.

Bathrooms:

• Sizeable master bathroom with premium fittings from Dornbracht and Geberit.
• Inclusion of a rain shower and wall-hung toilet with automated bidet.
• Lack of natural ventilation and jack and jill entrance/exit.

Overall Design:

• Option to choose between two finishes for the interior.
• Dark wood and minimal lighting create a cozy but potentially smaller space.
• Customization options available for 1-bedroom units.

2-bedroom unit: 764 square feet

Unit Details:

– Size of the 2-bedroom unit: 764 square feet.

– 2-bedroom units constitute the majority with 233 units (54% of total units).

– Range of sizes for 2-bedroom units: 678 square feet to 1,163 square feet.

Private Lift Lobby:

– Polished unit numbers with a lockable shoe rack.

Entrance:

– Entrance doubling as the kitchen space.

– Option for an open kitchen layout.

Kitchen:

– Wide walkway with sufficient space for two people.

– Kitchen appliances from Miele, and Whirlpool for washer/dryer.

– Option for customization in kitchen cabinets (limited to 1-bedders).

Storage:

– Adequate storage space with considerations for countertop usage.

– Power points inside storage for convenient appliance usage.

Living and Dining Area:

– Standard living and dining areas with a 2.9-meter ceiling height.

– Premium marble flooring throughout the unit.

Dining Area:

– Dining area configuration impacted by DB box and storage cabinet.

– Potential to shift furniture to accommodate storage use.

Living Room:

– Spacious living room accommodating a sizeable 3-seater sofa.

– Considerations for wall-mounted TV solutions.

Balcony:

– Balcony space suitable for a comfortable seating setup.

– Aluminum mesh curtain for light, wind, and heat control.

Common Bedroom:

– Average-sized common bedroom with glass-panel wardrobe.

– Common bathroom with rain shower and high-end fittings.

Master Bedroom:

– Master bedroom with a small entranceway for privacy.

– Adequate size even with a king-sized bed.

Master Bathroom:

– Master bathroom comparable in size to the common bathroom.

– Automated bidet feature for Geberit in the master bathroom.

These pointers provide a comprehensive overview of the 2-bedroom Type B4 unit at The Reef at King’s Dock, covering various aspects of its design and features.

3-bedroom unit: 1,216 square feet.

Unit Details:

• Size of the 3-bedroom unit: 1,216 square feet.
• 3-bedroom units constitute 18.6% of the total units (80 units).
• Range of sizes for 3-bedroom units: 1,076 square feet to 1,572 square feet.

Entrance:

• Entranceway for privacy.
• No units with a private lift, resulting in lower maintenance fees.
• Black etched unit number and lockable shoe rack.

Kitchen:

• Spacious kitchen with ample countertop space and storage.
• Massive Miele smart fridge.
• Fixed color scheme in the kitchen.
• Windows for ventilation and a movable glass panel above the sink for flexibility.
• Small WC in the kitchen area; no proper yard area for drying clothes.

Utility Room:

• Connected to the kitchen and hallway for flexibility.
• Window for natural ventilation.

Dining Area:

• Dining space affected by the wardrobe for the common bedroom.
• Considerations for constraints in the dining area.
• Suggestion for an extendable dining table.

Living Room:

• Spacious living room with considerations for irregular walls.
• Adequate space for a sizeable sofa, TV console, and coffee table.
• Short depth of the sofa.

Balcony:

• Regular-shaped balcony with sufficient space.
• Motorized aluminum mesh screen for light, wind, and heat control.

Common Bathroom:

• Jack and Jill variety for accessibility from the hallway and bedroom.
• No window for natural ventilation.
• High-quality bathroom fittings from Dornbracht and Geberit.

Common Bedroom:

• Common bedroom with a long walkway and a seamless-looking wardrobe.
• Small size due to design choices.
• Flexibility in room usage.

Study/Second Common Bedroom:

• Flexible arrangement for use as a study or a regular bedroom.
• Option for study design with a table and shelving.

Master Bedroom:

• Master bedroom accommodates a king-sized bed with sleek wardrobe design.
• Balcony area for a cozy outdoor space.

Master Bathroom:

• Master bathroom of reasonable size.
• Wall-hung toilet with automated bidet from Geberit.
• Matt black fittings and rain shower.
• Meshed swinging “window” for privacy with breathable material.

Location Review: The Reef at King’s Dock

• Superb Connectivity: Located in the Keppel precinct, The Reef at King’s Dock is well-connected with easy access to public transportation. It is a short walk to Harbourfront MRT station, offering both Circle Line and North-East Line services.
• Scenic Walks: The development provides one of the more scenic walks in Singapore, especially with its proximity to Harbourfront MRT station. Residents can enjoy pleasant strolls in the area.
• Lifestyle Benefits: Close proximity to Keppel Bay offers waterfront cafes, and Sentosa is just a short drive away, providing additional lifestyle options.
• Abundant Food Choices: Seah Im Food Centre and a plethora of dining options at Harbourfront Centre and VivoCity are within a short distance, catering to various culinary preferences.
• Educational Institutions: The presence of preschools within a 1km walk and primary and secondary schools within a 3km drive adds to the convenience for families with children.

Groceries:

Grocery Store	Distance	Walk Time
Cold Storage – HarbourFront Centre	400m	6-min walk
FairPrice Xtra – VivoCity	650m	8-min walk
Shine Korea Supermarket – VivoCity	650m	8-min walk

Schools:

Educational Tier	Number of Institutes
Preschool (within 1km walk)	2
Primary (3km-drive)	2
Secondary (3km-drive)	2
International School (3km-drive)	0
Junior College (5km-drive)	0
University (5km-drive)	1
Polytechnic (10km-drive)	1

Public Transport:

Transport Information	Details
Bus Stations	‘Aft HarbourFront Stn’ and ‘Harbourfront Stn Exit A’
Nearest MRT	Harbourfront – 4 mins walk, 350m
Bus Services	Extensive services providing island-wide connectivity

Private Transport:

Key Destinations	Distance	Peak Hour Drive Time
CBD (Raffles Place)	5.6km	20-min drive
Orchard Road	6.2km	26-min drive
Suntec City	6.4km	24-min drive
Changi Airport	23.5km	27-min drive
Tuas Port (By 2040)	35.0km	50-min drive
Paya Lebar Quarters/Airbase (By 2030)	17.7km	27-min drive
Mediapolis (and surroundings)	5.8km	16-min drive
Mapletree Business City	3.2km	11-min drive
Tuas Checkpoint	24.8km	32-min drive
Woodlands Checkpoint	24.8km	38-min drive
Jurong Cluster (JCube)	12.9km	25-min drive
Woodlands Cluster (Causeway Point)	25.3km	41-min drive
HarbourFront Cluster (Vivo City)	1.4km	7-min drive
Punggol Cluster (Waterway Point)	25.4km	32-min drive
Immediate Road Exits	1 exit – Telok Blangah Road in both directions	–

Developer Review: Mapletree and Keppel Group

*Project Development Team: Mapletree (61%) and Keppel Group (39%)*

The collaborative force behind The Reef at King’s Dock is a joint venture between Mapletree and Keppel Group, two distinguished developers in Singapore. While they may not have been the most active in recent condominium developments, their impact on the Keppel/Harbourfront precinct, the project’s homeground, is profound.

Mapletree Investments:

Founded in 2000, Mapletree Investments initially focused on holding non-port related properties transferred from PSA Corporation to Temasek Holdings. The company played a pivotal role in developing the 24-hectare Harbourfront precinct, which includes iconic structures like VivoCity, BofA Merill Lynch Harbourfront, St James Power Station, and Harbourfront Centre. Presently, Mapletree manages a substantial portfolio of properties valued at S$60.5 billion worldwide, overseeing four REITs and six private equity funds.

Keppel Land:

As the property arm of Keppel Corporation, a conglomerate established in 1968, Keppel Land initially focused on offshore and marine activities. In 1983, the company expanded into the property market after acquiring the Straits Steamship Company. Keppel Land has been instrumental in transforming the Keppel precinct from a shipyard into a hub of luxury projects, including Caribbean at Keppel Bay (2004), Reflections at Keppel Bay (2011), and Corals at Keppel Bay (2016). Their current projects include 19 Nassim and The Garden Residences, showcasing their expertise not only in Singapore but also internationally with completed projects in Vietnam, China, Indonesia, and the USA.

Architectural Design by KCAP Architects & Planners:

The architectural vision of The Reef at King’s Dock is brought to life by KCAP Architects & Planners, a Rotterdam-based firm founded by Kees Christiaanse in 1989. Renowned for developing sustainable urban living environments, KCAP emphasizes creating buildings and public spaces that invigorate and rejuvenate the city. Their commitment to enhancing the quality of urban living is evident in their work, including their contribution to the URA Master Plan for the Jurong Lake District.

Price REview

Comparison of The Reef at King’s Dock with Neighboring Developments

Development	Units	Psf	TOP	Lease From	New 99 Yrs
The Reef at King’s Dock	429	~$2,400	2025	2021	–
Caribbean at Keppel Bay	969	$1,480	2004	1999	$1,902
Reflections at Keppel Bay	1,129	$1,595	2011	2006	$1,879
Corals at Keppel Bay	366	$2,023	2016	2007	$2,356

Observations:

• The Reef at King’s Dock competes directly with three major neighboring developments: Caribbean at Keppel Bay, Reflections at Keppel Bay, and Corals at Keppel Bay.
• Caribbean and Reflections are considered ‘mega’ projects, lacking the exclusivity of The Reef and Corals at Keppel Bay.
• A simplistic calculation, considering psf, years remaining, and multiplying by 99 for a ‘fresh lease,’ suggests The Reef has a ~27% premium over older projects due to a larger number of units and its distance from the MRT.
• Corals at Keppel Bay faced challenges with its lease starting almost 10 years before TOP, but interest has been reignited with the announcement of the Greater Southern Waterfront.
• The Reef offers unique features like the 180m floating deck, making it a favorable choice compared to Corals at Keppel Bay.
• The 1-bedroom unit at The Reef stands out for investment, especially considering its attractive price point below $1 million, a rarity in the area.
• For rental income potential, The Reef is advantageous over Corals at Keppel Bay due to lower monthly maintenance fees.
• The 2 and 3-bedroom units have similar price points, requiring more consideration for investment, but the 1-bedroom unit is deemed less risky

Appreciation Analysis for The Reef at King’s Dock

The resale market performance of newer Keppel Bay condos, such as Corals and Reflections at Keppel Bay, has been less than stellar, with more unprofitable transactions than profitable ones. Corals has seen minimal profitability, while Reflections has had both successes and significant losses, indicating a mixed track record.

Despite the uncertain performance of these developments, it’s crucial to consider the different market peaks at which Corals and Reflections were launched (2013 and 2007, respectively). The timing of entry into the market, especially during the Covid period, becomes a key factor in assessing whether it’s a low or high point.

Long-term potential is often associated with the Greater Southern Waterfront (GSW) transformation. The redevelopment, set to be completed post-2040, involves over 9,000 housing units and promises significant commercial, transport, educational, and work opportunities. However, investors should note that the GSW plan is a prolonged, future-oriented initiative, and any potential appreciation would be a long-term prospect.