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July 31 (Bloomberg) -- Keppel Land Ltd., Singapore's third-largest developer by assets, sold two waterfront apartment blocks that are being developed near the city-state's business district to a unit of Kuwait Finance House.
The two villa apartment blocks in the development known as Reflections at Keppel Bay were sold to the Al-Nibras Islamic Real Estate Fund for about S$286 million ($189 million), Keppel Land said in a statement to the Singapore Exchange.
Al-Nibras is a unit of Kuwait Finance House (Malaysia) Bhd and AmanahRaya Investment Bank Ltd.
The 56 waterfront apartment units range from two-bedroom types of 1,076-square-feet each to penthouse units of 5,000-square-feet. Reflections at Keppel Bay, designed by architect Daniel Libeskind, has 1,129 units, of which 558 homes have been sold.
Singapore's private-home prices rose 8.3 percent in the second quarter, the fastest pace in eight years, as the city's economic expansion allowed developers to sell apartments at record prices.
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