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Corporate buyers have snapped up scores of units at Keppel Group's waterfront condominium, Reflections at Keppel Bay, in a bulk-buying spree.
Middle Eastern fund Al-Nibras Islamic Real Estate Fund bought two low-rise waterfront villa apartment blocks comprising 56 units for about $286 million, Keppel Corp said in a statement yesterday.
The US$200 million (S$301 million) Al-Nibras fund was set up last month by a unit of Islamic investment bank Kuwait Finance House (Malaysia) and a unit of Malaysian trustee company Amanah Raya.
It is investing in real estate related projects in the Asean region, particularly in Malaysia.
The two villa blocks sold have units ranging from two-bedders with an average size of 1,076 sq ft to penthouse units worth 5,000 sq ft.
Prior to this deal, an entire 24-storey tall tower at the 1,129-unit condo was snapped up by a Taiwanese buyer, market sources said.
Reflections at Keppel Bay has six tall glass towers of 24 and 41 storeys and 11 shorter blocks of villa apartments.
Sales at the 99-year leasehold condo, designed by well-known architect Daniel Libeskind, started in early April.
So far, about 558 units at the condo, which is being developed jointly by Keppel Corp and Keppel Land, have been sold.
The units' average selling price remains at $1,950 per sq ft (psf), though prices can go up to about $2,500 psf for the very large ones.
For instance, in June, Keppel sold 30 Reflections at Keppel Bay units at between $1,366 psf and $2,563 psf.
Kuwait Finance House, which is listed on the Kuwait Stock Exchange, said there might be more collaborations with Keppel.
The statement yesterday said that Kuwait Finance House is in talks with Keppel to make further investments and to collaborate on a broader front.
"As Kuwait Finance House seeks to grow its presence in Asia, we hope to contribute to its experience," said Mr Kevin Wong, managing director of Keppel Land.
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