Corals at Keppel Bay is one of Singapore’s most architecturally distinctive waterfront residences — a 99-year leasehold development of 366 units perched along the historic King’s Dock in District 4, designed by Pritzker Prize-adjacent master architect Daniel Libeskind of Studio Libeskind. Completed in 2016 and developed by Keppel Land, the project has become a landmark silhouette on Singapore’s southern skyline, its crystalline towers arranged in a deliberate V-formation that keeps the ocean frontage open and ensures panoramic marina views even from the most set-back units. The address — Keppel Bay Drive — places residents metres from the Marina at Keppel Bay with its 168 berths, and within a short walk of HarbourFront MRT interchange (North East Line and Circle Line), VivoCity, and the cable car terminal to Sentosa. With recent transactions clustering between S$1,836 and S$2,287 per square foot and an average of roughly S$2,094 psf over the past six months, Corals sits firmly in the premium RCR waterfront tier — a segment that is attracting renewed buyer attention as the Greater Southern Waterfront (GSW) masterplan gathers momentum. This review examines the development’s design pedigree, locational strengths, lease profile, investment case, and who it suits best 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 Keppel Bay, Telok Blangah, and HarbourFront micro-markets — an arc of southern Singapore coastline that has historically attracted expatriate tenants working in the CBD and Mapletree Business City, as well as owner-occupiers seeking waterfront living without the full CCR price premium. Corals at Keppel Bay shares its marina setting with the larger Reflections at Keppel Bay (1,129 units, also Daniel Libeskind) and the boutique Caribbean at Keppel Bay (969 units). Together, the three developments form a self-contained “Keppel Bay Village” micro-cluster with shared waterfront promenades, retail, and F&B. Corals is the newest and smallest of the trio, which historically translates to lower transaction velocity — roughly 90 caveated sales since completion — but also to a tighter, more community-oriented residents’ experience. The macro tailwind to watch is the Greater Southern Waterfront, a government-led transformation of approximately 1,000 hectares of prime southern land as the PSA city port terminals progressively relocate to Tuas Megaport by around 2027. The Keppel precinct sits at the leading edge of this transformation: the former Keppel Golf Course site has already been tendered and awarded to a CapitaLand-CDL-Hong Leong consortium, with a new private residential launch expected around 2025–2026 and completion circa 2029–2030. This means Corals at Keppel Bay is entering a period of neighbourhood uplift — new retail, new public spaces, and new transport nodes — that has historically driven capital value in Singapore’s estate-renewal corridors. The Circle Line extension (CCL6), targeted for completion in early 2026, will further improve connectivity across the southern precinct. For context on how leasehold decay intersects with GSW tailwinds, buyers can run scenario numbers in our lease decay calculator and stress-test monthly outgoings in the mortgage calculator.
We track 90 sales and 669 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the CORALS AT KEPPEL BAY dashboard.
- Average sale price: $3,823,251 across 90 transactions
- Estimated gross rental yield: 2.1%
- District 4 PSF ranking: Premium tier (top 12%)
- 99 yrs lease commencing from 2007 · RCR · D4 · 366 units
About CORALS AT KEPPEL BAY
CORALS AT KEPPEL BAY is a 99 yrs lease commencing from 2007 condominium, located at KEPPEL BAY DRIVE in District 4 (Telok Blangah, Harbourfront) (Rest of Central Region), developed by KEPPEL BAY PTE LTD, comprising 366 residential units, completed in 2016.
With approximately 80 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 CORALS AT KEPPEL BAY:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| 1 BR | 7 | $2,300 psf | $1,358,571 |
| 2 BR | 16 | $1,974 psf | $1,778,500 |
| 3 BR | 25 | $2,102 psf | $2,337,200 |
| 4 BR | 17 | $2,039 psf | $2,995,765 |
| 5+ BR | 25 | $2,606 psf | $7,870,744 |
Sales Market Overview
CORALS AT KEPPEL BAY has recorded 90 sale transactions with an average transaction price of $3,823,251, ranging from $1,200,000 to $11,600,000.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2021 | 19 | $2,201 psf | $2,292,368 | — |
| 2022 | 13 | $2,367 psf | $5,257,077 | ↑ 7.5% |
| 2023 | 17 | $2,398 psf | $6,222,424 | ↑ 1.3% |
| 2024 | 18 | $2,198 psf | $3,690,578 | ↓ 8.3% |
| 2025 | 18 | $2,045 psf | $2,706,333 | ↓ 7.0% |
| 2026 | 5 | $2,059 psf | $2,254,000 | ↑ 0.7% |
CORALS AT KEPPEL BAY ranks in the top 12% of condos in District 4 by average PSF.
Compared to the RCR average of $2,049 psf, CORALS AT KEPPEL BAY trades 8.5% above the segment benchmark.
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Rental Market Overview
CORALS AT KEPPEL BAY has recorded 669 rental transactions with monthly rents averaging $6,618/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| 1 BR | 148 | $4,059/mo | $2,900/mo | $5,500/mo |
| 2 BR | 239 | $5,451/mo | $3,800/mo | $8,500/mo |
| 3 BR | 263 | $8,021/mo | $5,300/mo | $11,300/mo |
| 4 BR | 19 | $21,794/mo | $10,500/mo | $30,000/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2021 | 104 | $5,068/mo |
| 2022 | 149 | $6,216/mo |
| 2023 | 110 | $7,221/mo |
| 2024 | 131 | $6,839/mo |
| 2025 | 128 | $7,445/mo |
| 2026 | 47 | $7,038/mo |
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Investment Analysis
Based on average rents and sale prices, CORALS AT KEPPEL BAY delivers an estimated gross rental yield of 2.1%. This is below the 3% benchmark, suggesting stronger capital appreciation potential.
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 |
| CARIBBEAN AT KEPPEL BAY | 99 yrs lease commencing from 1999 | 969 | $1,764 psf | 209 |
| 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 |
Location Map
Map shows CORALS AT KEPPEL BAY (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- CORALS AT KEPPEL BAY
- HarbourFront MRT
- HarbourFront MRT
- Telok Blangah MRT
- Keppel MRT
- Blangah Rise Primary School
- Radin Mas Primary School
Nearby MRT Stations
CORALS AT KEPPEL BAY is 570m from HarbourFront MRT (North-East Line), with 4 stations within 1.5 km.
| Station | Code | Line | Distance |
|---|---|---|---|
| HarbourFront | NE1 | North-East Line | 570m |
| HarbourFront | CC29 | Circle Line | 570m |
| Telok Blangah | CC28 | Circle Line | 990m |
| Keppel | CC30 | Circle Line | 1.2 km |
Nearby Schools
There are 2 schools within 2 km of CORALS AT KEPPEL BAY.
| School | Type | Distance |
|---|---|---|
| Blangah Rise Primary School | Primary | 1.1 km |
| Radin Mas Primary School | Primary | 1.6 km |
The single most compelling strength of Corals at Keppel Bay is its design rarity. Studio Libeskind’s signature crystalline geometry — shards of form that fracture and reflect the waterline — produces a living environment unlike any other condominium in Singapore. The V-formation site plan is not merely aesthetic; it is functional, ensuring unobstructed sea views for virtually every unit in the development and creating a microclimate of natural ventilation along the marina edge. The result is a sensory experience that high-resolution renders cannot fully convey: waking to a panorama of moored sailing vessels against the southern Singapore skyline, with Sentosa and Mount Faber as the backdrop. Second, the location is genuinely dual-node: HarbourFront MRT (NEL + CCL interchange) delivers a one-stop journey to VivoCity, a three-stop ride to Chinatown on the NEL, and easy CCL access toward Buona Vista, one-north, and Dhoby Ghaut. The under-15-minute walk to the MRT is rare for a waterfront property of this type, eliminating the “beautiful but isolated” critique levelled at some southern island-adjacent developments. Third, the GSW pipeline represents a structural tailwind that did not exist when the project launched in 2010. The planned injection of 10,000 new homes, mixed-use retail, parks, and a new waterfront promenade on the Keppel precinct alone will meaningfully increase the depth of the buyer and tenant pool for Corals over the next decade. District 4’s precinct will transition from a relatively quiet marina backwater to an integrated lifestyle district — a pattern ShiokNest’s analysts have tracked across Punggol, Bidadari, and Tengah, each of which saw sustained price appreciation in the five-to-seven years following groundbreaking of surrounding amenity infrastructure. Fourth, Corals’ facility spread — 420,000 square feet of landscaped grounds, a clubhouse with member’s lounge, multiple pools, and leisure charter access to southern islands — gives it a resort-living quality that resonates strongly with the expatriate-professional and high-net-worth-local tenant segments, supporting a current rental yield of approximately 3.8% in a market where prime leasehold waterfront yields of 3.5–4.0% are typical. Buyers wishing to model stamp-duty costs at current price levels can refer to our stamp duty calculator, while total acquisition cost including agent fees and legal charges can be estimated in the total cost calculator.
The primary risk for Corals at Keppel Bay is lease decay. With the 99-year tenure commencing in 2007, approximately 80 years remain as of 2026 — a comfortable buffer today, but one that will begin to meaningfully compress mortgage eligibility and CPF usage restrictions in the early 2040s. HDB rules currently restrict CPF usage and loan quantum for leasehold properties where the remaining lease does not cover the youngest buyer to age 95; while Corals easily passes this gate today, prospective buyers with long investment horizons need to model exit timing carefully. A unit bought in 2026 with the intent to exit in 2040 will be selling a property with roughly 66 years left — still broadly financeable but subject to progressively tighter bank loan-to-value ratios. Our lease decay calculator and affordability calculator can help buyers stress-test specific holding periods. Second, transaction volume is thin. Only 90 caveated sales have been recorded since 2016, and approximately 16 transactions occurred in the trailing twelve months to early 2026 — about 4.6% of the total unit count annually. This illiquidity means bid-ask spreads can widen during soft markets, and sellers who need to exit quickly may be forced to discount. Third, the development faces a supply overhang risk in the medium term: the Keppel Golf Course new launch expected in 2025–2026 will introduce fresh 99-year leasehold supply within walking distance at potentially more competitive lease-adjusted prices (newer tenure commencement). Buyers considering Corals purely as an investment vehicle should model the rental competition this new supply will create. Fourth, the 3.8% gross yield, while adequate for a waterfront asset in this segment, leaves limited margin for management fees (~0.3%), property tax at non-owner-occupied rates (~0.8–1.2%), and maintenance levy (~0.3%), producing a net yield that may sit below the current risk-free rate. The investment case therefore depends more heavily on capital appreciation via the GSW catalyst than on running income.
- ✅ Expatriate professional (financial/tech sector): HarbourFront MRT delivers CBD, one-north, and Mapletree Business City in under 20 minutes. The marina lifestyle, English-speaking community, and proximity to VivoCity and the cable car to Sentosa make this a natural landing pad for senior expat hires. Corporate tenancies at S$6,000–S$11,000 per month for 2- to 3-bedroom units support a 3.8% yield on current prices.
- ✅ High-net-worth Singaporean upgrader (own-stay focus): The Libeskind design and marina waterfront deliver a genuinely differentiated product that cannot be replicated elsewhere in Singapore at this price tier. For a buyer who will hold through to retirement and is unconcerned by lease decay within their ownership horizon, Corals offers trophy residential value — comparable in prestige to Reflections at Keppel Bay but at a smaller, quieter scale.
- ⚠️ Mid-career investor (pure capital appreciation play): The GSW catalyst is real and structural, but the timeline is measured in a decade, not months. Thin liquidity (16 transactions per year) means entry and exit must be carefully timed. The lease clock has been running since 2007, compressing the re-sale window relative to brand-new leasehold launches. Suitable only for patient investors with a five-to-ten-year horizon.
- ⚠️ Young couple, first private purchase (budget S$1.5M–S$2M): Entry-level 1-bedroom units start around S$1.47M and smaller 2-bedrooms around S$1.75M, which is within range, but ABSD implications for non-first-timer purchases (if partner already owns) and the 2007 lease commencement mean CPF usage and loan eligibility should be modelled carefully before committing. The TDSR calculator and stamp duty calculator are essential first steps.
- ✅ Retiree seeking downsizer with lifestyle amenities: The clubhouse, pool, and marina promenade create an all-in-one resort environment ideal for active retirees. The flat, walkable grounds and proximity to HarbourFront’s medical facilities, retail, and dining make daily logistics easy. Selling a larger suburban home and right-sizing into a 2-bedroom here at S$1.8M–S$2.2M is a common profile in this development.
- ❌ Foreign buyer (non-Singapore PR or citizen): The Additional Buyer’s Stamp Duty (ABSD) rate for foreigners is 60% on purchase price as of 2023, effectively pricing out all but the highest-net-worth foreign buyers. The after-ABSD cost of a S$2M unit rises to S$3.2M, making the investment math extremely difficult to justify unless the buyer plans long-term own-stay use with no regard for yield.
Corals at Keppel Bay earns its premium not through scale or amenity quantity, but through architectural rarity and locational alignment with one of Singapore’s most consequential long-term urban catalysts. The Libeskind design is a genuine differentiator in a market where most condominiums are visually interchangeable, and the proximity to the Greater Southern Waterfront transformation corridor gives the development a structural tailwind that strengthens its hold-value case even as the lease clock ticks. The current average transacted price of approximately S$2,094 psf positions it at a modest premium to comparable RCR waterfront stock, a premium that appears justified by design exclusivity and the marina-front address. The key constraint is liquidity: this is a low-volume, high-conviction asset that rewards patient, well-capitalised buyers and penalises those who need optionality. For a Singaporean professional or retiree seeking a flagship own-stay address in the southern precinct, or an expatriate household on a long-term assignment who prioritises lifestyle over yield maximisation, Corals at Keppel Bay remains one of the most compelling addresses in District 4. Investors seeking pure yield or quick-flip capital gains would be better served by higher-velocity RCR alternatives. For financial modelling, the ROI calculator and cash flow calculator are recommended starting points to test hold-period assumptions before committing.
FAQ
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Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA.
- Sales data: 90 transactions analysed
- Rental data: 669 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 CORALS 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 CORALS AT KEPPEL BAY against staying public? These HDB towns sit within walking or short-drive distance:
- Bukit Merah — 4-room average $894,787 (960m away), an upgrader gap of about $2,900,000