In this Stacked Pro breakdown:
Overview
We tracked the price movements of Reflections at Keppel Bay from its completion in 2011 to 2024, and compared its performance to other 99-year leasehold condos in the Keppel Bay area, including Caribbean at Keppel Bay and Corals at Keppel Bay. Despite its iconic design and waterfront location, Reflections has seen uneven resale results, with many units showing muted returns. We broke down its transaction data and average quantum to understand why this high-profile project hasn’t performed as expected.
Key Insight
With larger-than-average unit sizes and high entry prices, Reflections has struggled to attract a broad resale audience. While some units have made strong gains, many others haven’t, leading to a volatile and often underwhelming return profile, especially for investors expecting consistency.
Why This Matters
Reflections at Keppel Bay highlights the risk of relying on design prestige or branding alone. Even a visually striking project can underperform if its pricing and layout don’t align with buyer demand. For investors, it’s a reminder that aesthetics don’t always translate into returns.
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Reflections at Keppel Bay is a unique project, in more ways than one. It’s an architectural icon to be sure – but whenever buyers ask to see the performance, the result is often…well, unexpected. The truth is, this is a rather volatile project, with an ROI that’s less spectacular than its facade. But why, and what is the simple ROI not revealing about Reflections? Let’s take a closer look at this simultaneously enigmatic and iconic condo:
The challenge for many buyers today isn't access to information.
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Over time, that's also why we decided to work with agents who shared the same data-driven and advisory-led approach behind our editorial, consultants who could help readers think through decisions more objectively, rather than simply push transactions.
Today, the team has worked with more than 2,000 clients across over $5B in property transactions.
A quick profile of Reflections at Keppel Bay
Reflections at Keppel Bay is a 99-year leasehold condominium developed by Keppel Land. Completed in 2011, the project has 1,129 units across six high-rise towers and 11 villa blocks. It’s located along Keppel Bay View in District 4.
Reflections is an architectural landmark: it was designed by Daniel Libeskind, and was his first residential work in Asia. This project has won the FIABCI Prix d’Excellence Gold, and the Chicago Athenaeum International Architecture Award for its design.
In this context, its ROI numbers may be quite surprising:
How has Reflections at Keppel Bay performed from launch till 2024?
| Year | Average $PSF |
| 2007 | $1,858 |
| 2008 | $2,037 |
| 2009 | $1,830 |
| 2010 | $1,924 |
| 2011 | $1,933 |
| 2012 | $1,926 |
| 2013 | $2,037 |
| 2014 | $2,088 |
| 2015 | $1,860 |
| 2016 | $1,682 |
| 2017 | $1,658 |
| 2018 | $1,680 |
| 2019 | $1,638 |
| 2020 | $1,596 |
| 2021 | $1,640 |
| 2022 | $1,757 |
| 2023 | $1,827 |
| 2024 | $1,763 |
| Annualised | -0.31% |
Reflections at Keppel Bay initially saw strong appreciation, from $1,858 psf in 2007 to a peak of $2,088 psf in 2014. However, from 2015 onward, prices entered a gradual decline, bottoming out at $1,596 psf in 2020, before recovering slightly in subsequent years.
As of 2024, the average price stands at $1,763 psf, which is still below the 2014 peak. Overall, this is an annualised decline of around -0.31 per cent over 17 years.
But ROI alone doesn’t give the full picture of what’s happening and why. So next, let’s look at how Reflections at Keppel Bay compares to the wider leasehold condo market in Singapore, and also alongside other District 4 projects.
| Year | Reflections at Keppel Bay | 99y LH condos in D04 | All 99y LH condos |
| 2007 | $1,858 | $1,695 | $885 |
| 2008 | $2,037 | $1,774 | $765 |
| 2009 | $1,830 | $1,278 | $788 |
| 2010 | $1,924 | $1,484 | $977 |
| 2011 | $1,933 | $1,596 | $985 |
| 2012 | $1,926 | $1,640 | $1,039 |
| 2013 | $2,037 | $1,678 | $1,163 |
| 2014 | $2,088 | $1,584 | $1,195 |
| 2015 | $1,860 | $1,462 | $1,104 |
| 2016 | $1,682 | $1,317 | $1,166 |
| 2017 | $1,658 | $1,522 | $1,230 |
| 2018 | $1,680 | $1,538 | $1,359 |
| 2019 | $1,638 | $1,599 | $1,474 |
| 2020 | $1,596 | $1,508 | $1,453 |
| 2021 | $1,640 | $1,922 | $1,517 |
| 2022 | $1,757 | $1,799 | $1,595 |
| 2023 | $1,827 | $1,955 | $1,783 |
| 2024 | $1,763 | $1,842 | $1,854 |
| Annualised | -0.31% | 0.49% | 4.45% |
How does Reflections stack up against its peers?
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