Caribbean at Keppel Bay occupies one of Singapore’s most singular addresses: a private marina precinct in District 4 where the sea is not a view from afar but a literal neighbour. Developed by Keppel Bay Pte Ltd and completed in 2004, the 969-unit, 23-block development sits on reclaimed land bounded by Keppel Bay Drive and the open waters of Keppel Harbour. At a time when Singapore’s southern coastline is being redrawn by the Greater Southern Waterfront (GSW) masterplan, Caribbean’s position feels either prescient or precarious, depending on where you stand in the lease-decay debate. This review cuts through both the marketing romance and the anxiety to give you an honest assessment of what the numbers say in 2026.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
District 4 encompasses the HarbourFront, Telok Blangah, and Keppel Bay micro-markets. Caribbean sits within the Keppel Bay sub-precinct, a purpose-built waterfront district that Keppel Land spent roughly a decade assembling from former shipyard land. The estate neighbours Reflections at Keppel Bay (designed by Daniel Libeskind, completed 2011) and the Keppel Marina, giving the area a density of high-end waterfront product unmatched elsewhere on the main island.
Transport connectivity is strong but requires a short walk or internal shuttle. HarbourFront MRT (North East Line & Circle Line interchange, NE1/CC29) is approximately 800 m east, reachable in under 12 minutes on foot or 4 minutes by bus. Telok Blangah MRT (CC28) is roughly equidistant to the north. VivoCity — Singapore’s largest mall by GFA — sits at the base of HarbourFront MRT, providing supermarkets, cinema, dining, and the RWS Sentosa ferry terminal. The CBD at Raffles Place is 3 MRT stops away; Orchard Road is 6 stops. For drivers, the Ayer Rajah Expressway (AYE) slip road is 2 minutes away, and the Central Expressway (CTE) is accessible via the MCE tunnel.
The macro narrative driving interest in this precinct is the URA Greater Southern Waterfront masterplan, a 30-year, 2,000-hectare urban transformation stretching from Pasir Panjang to Marina East. The former Keppel Club site — 36 ha directly adjacent to Caribbean — is slated for a new residential town with approximately 9,000 homes, significant green corridors, and waterfront promenades. When delivered (projected 2027–2035), this transformation is expected to dramatically reshape amenity density, bus frequency, and capital values in the immediate neighbourhood. URA’s recent BTO launch planning for the area confirms that the southern coast is no longer a sleepy afterthought but a deliberate growth node.
We track 209 sales and 1486 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the CARIBBEAN AT KEPPEL BAY dashboard.
- Average sale price: $2,383,142 across 209 transactions
- Estimated gross rental yield: 3.5%
- District 4 PSF ranking: Above average (top 39%)
- 99 yrs lease commencing from 1999 · RCR · D4 · 969 units
About CARIBBEAN AT KEPPEL BAY
CARIBBEAN AT KEPPEL BAY is a 99 yrs lease commencing from 1999 condominium, located at KEPPEL BAY DRIVE in District 4 (Telok Blangah, Harbourfront) (Rest of Central Region), developed by KEPPEL BAY PTE LTD, comprising 969 residential units, completed in 2004.
With approximately 72 years remaining on its 99-year lease, the property qualifies for full bank financing and CPF usage.
Unit Mix Distribution
Transaction data breakdown by bedroom type at CARIBBEAN AT KEPPEL BAY:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 55 | $1,845 psf | $1,632,741 |
| 3 BR | 91 | $1,811 psf | $2,285,094 |
| 4 BR | 34 | $1,821 psf | $2,736,956 |
| 5+ BR | 29 | $1,396 psf | $3,699,165 |
Sales Market Overview
CARIBBEAN AT KEPPEL BAY has recorded 209 sale transactions with an average transaction price of $2,383,142, ranging from $1,390,000 to $5,700,000.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2021 | 55 | $1,585 psf | $2,201,471 | — |
| 2022 | 32 | $1,714 psf | $2,393,219 | ↑ 8.1% |
| 2023 | 27 | $1,811 psf | $2,150,463 | ↑ 5.6% |
| 2024 | 39 | $1,846 psf | $2,451,299 | ↑ 1.9% |
| 2025 | 39 | $1,864 psf | $2,734,681 | ↑ 1.0% |
| 2026 | 17 | $1,944 psf | $2,358,647 | ↑ 4.3% |
CARIBBEAN AT KEPPEL BAY ranks in the top 39% of condos in District 4 by average PSF.
Compared to the RCR average of $2,049 psf, CARIBBEAN AT KEPPEL BAY trades 13.9% below the segment benchmark.
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Rental Market Overview
CARIBBEAN AT KEPPEL BAY has recorded 1486 rental transactions with monthly rents averaging $6,968/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| 2 BR | 512 | $5,266/mo | $2,500/mo | $9,500/mo |
| 3 BR | 807 | $7,156/mo | $4,200/mo | $11,500/mo |
| 4 BR | 167 | $11,274/mo | $4,668/mo | $24,000/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2021 | 292 | $5,716/mo |
| 2022 | 300 | $6,717/mo |
| 2023 | 270 | $7,828/mo |
| 2024 | 272 | $7,256/mo |
| 2025 | 261 | $7,352/mo |
| 2026 | 91 | $7,295/mo |
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Investment Analysis
Based on average rents and sale prices, CARIBBEAN AT KEPPEL BAY delivers an estimated gross rental yield of 3.5%. This is above the Singapore-wide benchmark of approximately 3%.
Competing Condos in District 4
Side-by-side comparison against the most actively traded condos in District 4 (Telok Blangah, Harbourfront):
| Condo | Tenure | Units | Avg PSF | Sales |
|---|---|---|---|---|
| REFLECTIONS AT KEPPEL BAY | 99 yrs lease commencing from 2006 | 1129 | $1,736 psf | 365 |
| THE INTERLACE | 99 yrs lease commencing from 2009 | 1040 | $1,469 psf | 242 |
| THE REEF AT KING'S DOCK | 99 yrs lease commencing from 2021 | 429 | $2,469 psf | 173 |
| CAPE ROYALE | 99 yrs lease commencing from 2008 | 302 | $2,220 psf | 116 |
| THE RESIDENCES AT W SINGAPORE SENTOSA COVE | 99 yrs lease commencing from 2006 | 228 | $1,804 psf | 113 |
Location Map
Map shows CARIBBEAN AT KEPPEL BAY (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- CARIBBEAN AT KEPPEL BAY
- Telok Blangah MRT
- HarbourFront MRT
- HarbourFront MRT
- Keppel MRT
- Labrador Park MRT
- Blangah Rise Primary School
- Radin Mas Primary School
- Bukit Merah Secondary School
Nearby MRT Stations
CARIBBEAN AT KEPPEL BAY is 650m from Telok Blangah MRT (Circle Line), with 5 stations within 1.5 km.
| Station | Code | Line | Distance |
|---|---|---|---|
| Telok Blangah | CC28 | Circle Line | 650m |
| HarbourFront | NE1 | North-East Line | 810m |
| HarbourFront | CC29 | Circle Line | 810m |
| Keppel | CC30 | Circle Line | 1.1 km |
| Labrador Park | CC27 | Circle Line | 1.4 km |
Nearby Schools
There are 3 schools within 2 km of CARIBBEAN AT KEPPEL BAY, including 1 within the 1 km priority zone.
| School | Type | Distance |
|---|---|---|
| Blangah Rise Primary School | Primary | 850m |
| Radin Mas Primary School | Primary | 1.3 km |
| Bukit Merah Secondary School | Secondary | 1.9 km |
Caribbean at Keppel Bay has several durable advantages that withstand sceptical scrutiny.
Genuine waterfront living. The sea-water canals, circular lagoon, and marina-edge promenade are not lifestyle marketing; they are physical infrastructure baked into the site layout. Units on the lower floors of the sea-facing blocks step literally to the water’s edge. Only a handful of Singapore condominiums — Reflections, Sentosa Cove properties, and a few East Coast developments — can make a comparable claim.
Resort-scale facilities. The development offers an Olympic-length 50 m pool, two additional 25 m lap pools, bubble pool, open-air jacuzzis, sea-water canals, a fully equipped gymnasium, steam rooms, games room, residents’ lounge, 12 BBQ/conversation pavilions, 3 tennis courts, a multi-purpose court, jogging tracks, and fitness circuits. For a 969-unit development, the per-unit facility ratio is generous.
Expat rental demand. Proximity to VivoCity’s international F&B, the Sentosa leisure belt, and the RWS / Resorts World draw a loyal expat tenant pool — particularly professionals in the offshore marine, banking, and tourism sectors. Average rent over the past six months has tracked approximately S$7,540/month, with 2-bedroom units achieving S$5,000–$7,000/month. At current prices this translates to a gross rental yield of around 3.6%, competitive for a 22-year-old leasehold in the RCR.
Greater Southern Waterfront upside. Caribbean sits well within the 1 km radius of the former Keppel Club site, putting it in the tier of properties most directly poised to benefit from near-term GSW infrastructure — new roads, parks, water features, and the eventual MRT Circle Line extension. Properties in this radius historically front-run GSW-related capital gains by 12–24 months as launch buzz from the new residential sites builds.
Transactional liquidity. With 207 recorded URA transactions available for analysis, the development has a robust secondary market. Recent data points range from S$1,334 to S$2,846 psf, reflecting the spread between older lower floors and premium sea-view penthouses. A January 2026 transaction at S$1,948 psf and a March 2026 sale at S$2,029 psf confirm active buyer interest at current price levels. Use the mortgage calculator to size a S$2M entry and the ROI calculator to model yield against your holding period.
Caribbean at Keppel Bay is not a simple buy-and-hold story. Several structural risks deserve clear-eyed examination before committing capital.
Lease decay is the dominant risk factor. The 99-year lease commenced in 1999. In 2026 that leaves approximately 73 years remaining — still above the 60-year threshold that triggers HDB loan restrictions and the 40-year threshold that activates TDSR re-assessment for refinancing. However, the trajectory matters. By 2036 the lease will be at 63 years; by 2046, 53 years. HDB financing becomes unavailable for properties below 60 years at point of purchase, which is relevant for the secondary buyer pool. CPF rules further constrain usage when lease + buyer age falls below 95 years. Run your own numbers using the lease-decay calculator to see how your CPF usability changes at each decade mark. The key takeaway: a buyer aged 40 purchasing today can still apply CPF in full now, but a 40-year-old buyer in 2036 will face partial CPF withdrawal restrictions.
Age and maintenance costs. Completed in 2004, Caribbean is 22 years old. Mechanical and electrical systems — lifts, pool plant rooms, sea-water canal pumps — are approaching major replacement cycles. Sea-water corrosion accelerates ageing of marine infrastructure that landlocked condos never face. Buyers should examine the sinking fund balance and the MCST’s 5-year maintenance projection before committing.
Walking distance to MRT is real. The 800 m to HarbourFront MRT, partly along a winding marina promenade, is not the brisk 5-minute walk that property listings often imply. In Singapore’s heat and humidity the realistic time is 12–15 minutes. Residents often rely on internal shuttle buses or personal vehicles, adding commuting friction and cost.
GSW timelines are long and uncertain. The nearest Keppel Club parcels are projected for launch in 2027 at the earliest; full estate delivery extends to 2035 and beyond. Capital appreciation tied to GSW materialisation requires a 7–10 year holding horizon. Buyers with a 3–5 year exit plan may not fully capture the uplift.
Supply competition. Once the Keppel Club residential site and surrounding GSW parcels launch, they will introduce thousands of newer 99-year leasehold units in the same neighbourhood. Caribbean — by then a 25-year-old development — will compete directly on price per psf with fresh 99-year-lease stock. Buyers should model the comparison tool against incoming new launches before deciding.
- ✅ Expat family tenant (renter, not buyer): Waterfront lifestyle, resort facilities, school bus routes to international schools in Buona Vista/Dover, and strong VivoCity convenience make this a premium expat rental choice. 2-bed at S$5,500–$7,000/month represents mid-tier expat budget — well within typical MNC housing allowances.
- ✅ Buy-to-let investor, 10+ year horizon: 3.6% gross yield is healthy for RCR. With GSW construction activity building through the late 2020s, rental demand from marine, construction, and hospitality professionals in the vicinity should remain elevated. Long holders can ride the GSW appreciation wave while collecting rental income.
- ✅ Own-stay upgrader seeking waterfront prestige, age 35–45: Lease still has 73 years — full CPF usage and bank financing available. The lifestyle premium (marina views, resort pool) is genuine. Entry prices from S$1.6M for a 2-bedroom represent reasonable value versus new RCR launches. Use the affordability calculator and the total cost calculator to stress-test the commitment.
- ❌ Short-horizon investor (3–5 year flip): GSW appreciation is unlikely to fully materialise before 2030. Lease decay already begins to exert a subtle valuation drag at resale. ABSD on second properties adds 20%+ friction cost. The arithmetic does not favour a quick flip unless a specific distressed entry price can be secured.
- ⚠️ Retiree own-stay buyer, age 65+: Lease + buyer age arithmetic is critical. A 65-year-old buyer in 2026 (lease 73 years remaining) sees lease expiry at age 138 — CPF usage is fine. But resale in 10 years to a buyer aged 65+ could face CPF withdrawal caps. Resale liquidity narrows as the lease shortens, making this a nuanced fit. The lease-decay calculator is essential due diligence here.
- ❌ First-timer or budget-constrained buyer: Entry prices start at S$1.48M for the smallest units, well above most first-timer budgets. Stamp duty and TDSR constraints on a leasehold resale make this an unsuitable first purchase. HDB BTO options in the GSW pipeline may offer better value for budget buyers seeking a foothold in the southern corridor.
Caribbean at Keppel Bay earns its status as a premium D4 waterfront address, but buyers must enter with eyes open on the lease clock. At 73 years remaining, the window of maximum CPF-and-financing flexibility is still wide — but it is narrowing. The development’s core value proposition rests on three pillars: rare waterfront lifestyle that no inland condo can replicate, sustained expat rental demand anchored to VivoCity and the Sentosa/HarbourFront employment belt, and genuine GSW capital appreciation optionality for those willing to hold into the 2030s.
For a buy-to-let investor with a 10-year horizon or an own-stay upgrader in their 30s–40s who genuinely values marina living, Caribbean offers a compelling package at current psf levels of approximately S$1,800–$2,100 for mid-floor sea-facing units. For short-term speculators, retirees with thin CPF buffers, or buyers who will be immediately outbid by new GSW supply, the math is harder to make work. As with all 99-year leasehold purchases in Singapore, timing the lease curve is not optional — it is part of the underwriting.
Use the lease-decay calculator, the mortgage calculator, the stamp duty calculator, and the District 4 analytics page as your starting toolkit before committing to any offer.
FAQ
What is the average price for CARIBBEAN AT KEPPEL BAY?
What is the rental yield for CARIBBEAN AT KEPPEL BAY?
Is CARIBBEAN AT KEPPEL BAY freehold or leasehold?
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA.
- Sales data: 209 transactions analysed
- Rental data: 1486 lease records analysed
- Gross yield = (avg monthly rent × 12) / avg sale price
Median values used to minimise outlier impact. PSF = price per square foot.
View Live Data for CARIBBEAN AT KEPPEL BAY
Access the full interactive dashboard with real-time sales trends, rental yields, and investment calculators.
New Sale vs Resale Mix
Of the 303 condo transactions recorded in District 4 over the last 12 months, 91% resale, 9% sub sale. A resale-heavy mix points to an established market trading on fundamentals; a new-sale-heavy mix means developer launches are setting the price benchmarks.
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Price Index Check
The ShiokNest Price Index for District 4 reads 89.8 as of March 2026 — up 2.4% year-on-year. The index tracks repeat-sales price movement, so it is less distorted by shifts in what happens to be transacting than a raw average PSF.
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HDB Alternatives Nearby
Weighing CARIBBEAN AT KEPPEL BAY against staying public? These HDB towns sit within walking or short-drive distance:
- Bukit Merah — 4-room average $894,787 (630m away), an upgrader gap of about $1,500,000