The Reef at King's Dock stands apart from every other condominium in Singapore's Rest of Central Region (RCR). Developed by the Keppel Land and Mapletree joint-venture entity Harbourfront Three Pte Ltd, this 429-unit, 99-year leasehold development at 2 Harbourfront Avenue completed in 2025 and delivered something the island had never seen before in a residential project: a 180-metre floating deck moored directly to the historic dock wall of King's Dock, housing an Olympic-length lap pool, a leisure pool, and a rejuvenation pool that appear to float on the marina waters below. When 280 of the 300 units released at the January 2021 launch were sold within a single day, the market was sending a clear signal — this was not merely another RCR condo, but a once-in-a-generation address at the threshold of Singapore's most significant urban transformation, the District 4 Greater Southern Waterfront (GSW). From average transaction prices of S$2,556 psf in the twelve months to April 2025, and a top caveat of S$2,869 psf, the Reef has firmly established itself as a premium waterfront benchmark in the southern corridor.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
King's Dock has deep historical roots: when it opened in 1913 it was the second-largest graving dock in the world, a maritime industrial icon that defined Singapore's southern shoreline for over a century. Today the dock basin is a preserved heritage feature integrated into the residential landscape — rather than being filled in or fenced off, it forms the centrepiece of the development's lifestyle offering. The floating deck sits within the dock itself, so residents swimming in the pools are surrounded on three sides by the original 19th-century stone dock walls. A dedicated marine-viewing area allows residents to observe the tidal ecology of the dock, reinforcing the environmental and conservation ethos that Keppel Land has woven through its Eco-Luxury Living branding for the project.
The macro context is equally compelling. The Reef occupies the leading edge of the Greater Southern Waterfront — a 30-kilometre, 1,000-hectare urban redevelopment corridor stretching from Pasir Panjang to Marina East that the URA Draft Master Plan identifies as Singapore's next major city-building initiative. The GSW will add tens of thousands of new homes, green parks, waterfront promenades, and commercial nodes over the coming two to three decades. The Keppel Club site, less than one kilometre to the west, has already been awarded as the Berlayar Estate, with roughly 10,000 homes (7,000 HDB plus 3,000 private) slated for delivery from 2029 to 2030. Critically, the Circle Line 6 extension — adding the new Keppel, Cantonment, and Prince Edward Road stations to complete the loop — was scheduled for completion in the first half of 2026, further tightening the Reef's already strong transport connections. Buyers at the Reef have locked in a position before the GSW buildout matures, which historically is when catchment demand and amenity density reach the levels that sustain premium resale pricing. For a deeper comparison of District 4's price performance against neighbouring districts, see the property comparison tool, or run your own numbers with the mortgage calculator.
We track 173 sales and 226 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the THE REEF AT KING'S DOCK dashboard.
- Average sale price: $2,213,185 across 173 transactions
- Estimated gross rental yield: 2.7%
- District 4 PSF ranking: Premium tier (top 6%)
- 99 yrs lease commencing from 2021 · RCR · D4 · 429 units
About THE REEF AT KING'S DOCK
THE REEF AT KING'S DOCK is a 99 yrs lease commencing from 2021 condominium, located at HARBOURFRONT AVENUE in District 4 (Telok Blangah, Harbourfront) (Rest of Central Region), developed by HARBOURFRONT THREE PTE LTD, comprising 429 residential units, completed in 2021.
With approximately 94 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 THE REEF AT KING'S DOCK:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| Studio | 12 | $2,488 psf | $1,147,873 |
| 1 BR | 17 | $2,472 psf | $1,498,235 |
| 2 BR | 78 | $2,392 psf | $1,846,266 |
| 3 BR | 63 | $2,561 psf | $2,986,977 |
| 4 BR | 3 | $2,428 psf | $3,816,067 |
Sales Market Overview
THE REEF AT KING'S DOCK has recorded 173 sale transactions with an average transaction price of $2,213,185, ranging from $1,033,700 to $3,851,000.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2021 | 74 | $2,340 psf | $1,999,655 | — |
| 2022 | 15 | $2,456 psf | $2,806,867 | ↑ 5.0% |
| 2023 | 24 | $2,610 psf | $3,050,697 | ↑ 6.3% |
| 2024 | 20 | $2,635 psf | $2,552,822 | ↑ 1.0% |
| 2025 | 27 | $2,554 psf | $1,674,978 | ↓ 3.1% |
| 2026 | 13 | $2,526 psf | $1,792,761 | ↓ 1.1% |
THE REEF AT KING'S DOCK ranks in the top 6% of condos in District 4 by average PSF.
Compared to the RCR average of $2,049 psf, THE REEF AT KING'S DOCK trades 20.5% above the segment benchmark.
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Rental Market Overview
THE REEF AT KING'S DOCK has recorded 226 rental transactions with monthly rents averaging $5,029/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| 1 BR | 86 | $4,039/mo | $2,500/mo | $5,000/mo |
| 2 BR | 125 | $5,221/mo | $4,400/mo | $7,500/mo |
| 3 BR | 15 | $9,109/mo | $8,100/mo | $10,500/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2024 | 55 | $5,077/mo |
| 2025 | 145 | $5,041/mo |
| 2026 | 26 | $4,865/mo |
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Investment Analysis
Based on average rents and sale prices, THE REEF AT KING'S DOCK delivers an estimated gross rental yield of 2.7%. 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 |
| 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 THE REEF AT KING'S DOCK (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- THE REEF AT KING'
- HarbourFront MRT
- HarbourFront MRT
- Keppel MRT
- Telok Blangah MRT
- Blangah Rise Primary School
- Radin Mas Primary School
Nearby MRT Stations
THE REEF AT KING'S DOCK is 430m from HarbourFront MRT (North-East Line), with 4 stations within 1.5 km.
| Station | Code | Line | Distance |
|---|---|---|---|
| HarbourFront | NE1 | North-East Line | 430m |
| HarbourFront | CC29 | Circle Line | 430m |
| Keppel | CC30 | Circle Line | 1.0 km |
| Telok Blangah | CC28 | Circle Line | 1.0 km |
Nearby Schools
There are 2 schools within 2 km of THE REEF AT KING'S DOCK.
| School | Type | Distance |
|---|---|---|
| Blangah Rise Primary School | Primary | 1.1 km |
| Radin Mas Primary School | Primary | 1.5 km |
Connectivity that rivals the CBD fringe. HarbourFront MRT station, served by both the North East Line (NEL) and the Circle Line (CCL), is a short walk from the lobby. A single stop north on the NEL brings residents to Outram Park, which also serves the East-West Line, while Vivocity's bus interchange and the regional ferry terminal for Batam and Bintan are effectively at the doorstep. The forthcoming CCL6 station at Keppel will add a third nearby interchange-level node. For drivers, the AYE and CTE are accessible within minutes, and the Sentosa causeway is literally across Harbourfront Avenue.
The floating dock as a genuine lifestyle differentiator. Forty-plus communal facilities are standard for Singapore condos in this price band. What is emphatically not standard is a 180-metre pontoon moored to a working dock wall, offering an immersive waterfront swimming experience unavailable anywhere else in Singapore's residential market. The floating deck is not a marketing concept — it is a fully realised built asset that helps justify the premium PSF over comparables in the broader RCR cluster and contributes to resale stickiness because it simply cannot be replicated on an inland site.
Dual blue-chip developer pedigree. Harbourfront Three Pte Ltd combines Keppel Land's track record of award-winning waterfront developments (Reflections at Keppel Bay, Caribbean at Keppel Bay) with Mapletree's institutional-grade asset management DNA and balance-sheet depth. This pedigree translates into higher build quality, better defect management, and greater confidence among prospective resale buyers and tenants who recognise the brands.
GSW first-mover premium. With only 429 units, the Reef is a boutique development relative to the scale of GSW transformation it sits within. As Berlayar Estate, the Pasir Panjang Power District adaptive reuse, and Mount Faber developments progress through the 2030s, the surrounding amenity base will deepen materially. The Reef is structurally positioned to capture that uplift without contributing additional supply to its own immediate micro-market, because the dock land itself precludes direct competition. Use the ROI calculator to model appreciation scenarios under different GSW timelines, or check the price heat map to see how District 4 psf benchmarks compare across the island. Rental yield modelling is straightforward with the cash-flow calculator.
99-year leasehold decay. The lease commenced in 2021, meaning approximately 94 years remain as of 2026. Leasehold decay becomes a meaningful valuation drag once a property crosses the 70-year threshold — roughly 2056 in the Reef's case — and the effect accelerates below 60 years. Buyers intending to hold beyond fifteen years should model lease decay explicitly; the lease-decay calculator provides a worked estimate. This is a structural constraint that distinguishes the Reef from the freehold stock around Keppel Bay, and it will eventually limit en-bloc optionality relative to newer 99-year sites if the government does not release fresh GSW residential land with a later lease commencement date.
GSW is a multi-decade thesis, not a short-cycle trade. The URA and PropNex research both caution that the GSW transformation is a staged, decades-long process with different precincts maturing at vastly different rates. The Berlayar Estate completion is projected 2029–2030; the Pasir Panjang Power District and further west precincts are likely 2035 and beyond. Buyers expecting rapid price uplift on a three-to-five-year hold may be disappointed if broader economic conditions soften or GSW timelines slip. The marina and dock setting is exceptional, but it cannot fully insulate the development from RCR-wide demand cycles.
Single-exit liquidity on smaller units. Studio and one-bedroom units in the 431–560 sq ft range appeal primarily to investors and short-term expat renters. With total quantum below S$1.4 million at current PSF, these units carry additional buyer's stamp duty exposure for second-property buyers and may see more pronounced price volatility during cooling-measure cycles. Buyers should review their total acquisition cost using the stamp-duty calculator and total-cost calculator before committing.
Pontoon maintenance and long-term upkeep risk. The floating deck is a proprietary engineering asset without an exact precedent in Singapore's residential management corpus. MCST budgets must provision for periodic pontoon inspection, antifouling, and potential dock-authority licensing renewals. While this is a manageable operational matter, it is a cost item that conventional condo pools do not carry, and prospective buyers should review the management fund projections in the developer's documentation carefully.
- ✅ Upgrader from an HDB or private condo in D3/D5 seeking a permanent address with lifestyle uplift: The Reef offers a qualitative step-change in waterfront living — the floating dock, marina views, and proximity to VivoCity — at PSF levels that remain below CCR equivalents. An upgrader comfortable with a 99-year leasehold and a 15+ year hold horizon is well-placed to benefit from GSW appreciation as the corridor matures.
- ✅ Expat professional on a medium-term Singapore assignment seeking a high-specification rental: HarbourFront's dual MRT lines, ferry access to Indonesian islands, and the Sentosa leisure belt make the Reef highly lettable to senior professionals in the port, logistics, hospitality, and financial sectors. Two- and three-bedroom units have consistently attracted S$5,500–S$8,000 per month in asking rents, providing landlords with acceptable gross yields in the 3–4% range on current entry costs.
- ✅ Investor building a long-hold waterfront portfolio aligned to the GSW narrative: With only 429 units on a dock-fronted site that cannot be replicated, supply constraint is structural. GSW infrastructure milestones — CCL6 opening, Berlayar Estate completion, Pasir Panjang adaptive reuse — provide staged appreciation catalysts over a 10–20 year window. Use the affordability calculator to stress-test entry quantum against projected rental cover.
- ⚠️ Pure short-hold speculator (3–5 year flip): At an average of S$2,556 psf with top caveats near S$2,869 psf, the Reef has already captured much of its new-launch discount. Sellers' stamp duty (SSD) applies for the first three years and ABSD for multiple-property buyers remains at 20% for Singapore citizens and 60% for foreigners. Check total acquisition and exit costs with the stamp-duty and total-cost calculators before modelling a short-hold return.
- ⚠️ First-time buyer with a budget below S$1.5 million seeking a city-fringe home: One-bedroom units in the 431–560 sq ft range do exist in this quantum, but the space-to-price trade-off is tight. Buyers with a genuine owner-occupier intention and a longer hold horizon will extract more value from the unique waterfront setting; those optimising purely for square footage per dollar should compare against similarly priced new launches in the OCR.
- ✅ Retiree or semi-retiree seeking a lock-up-and-leave waterfront home near healthcare and leisure: The Reef's proximity to Singapore General Hospital (2 MRT stops via NEL+EWL), AXA Tower clinics, and VivoCity's full-service retail and dining ecosystem makes it well-suited to active retirees. The floating deck's Olympic pool and over-40 facilities support an active lifestyle, and HarbourFront's ferry links to Batam and Bintan add accessible weekend-break options without air travel.
The Reef at King's Dock earns its premium for three reinforcing reasons: a genuinely irreplaceable site at the edge of Singapore's most consequential urban transformation, a lifestyle anchor — the floating dock — that no land-locked competitor can reproduce, and the institutional confidence of a Keppel Land–Mapletree joint development. At S$2,279–S$2,869 psf for recent transactions, buyers are paying a meaningful premium over the broader RCR average, and that premium is justified for owner-occupiers and long-hold investors who understand that the Greater Southern Waterfront story will take fifteen to twenty years to fully price in. The 99-year lease and the complexity of pontoon-asset MCST management are real constraints that demand clear-eyed underwriting — not dealbreakers, but factors that require the use of proper modelling tools before signing. For buyers who have done that work and are comfortable with the leasehold structure, the Reef at King's Dock represents one of the most distinctive waterfront addresses Singapore's RCR has ever produced.
FAQ
What is the average price for THE REEF AT KING'S DOCK?
What is the rental yield for THE REEF AT KING'S DOCK?
Is THE REEF AT KING'S DOCK freehold or leasehold?
What are the lease and leasehold considerations buyers should weigh?
The Reef at King's Dock holds a 99-year leasehold tenure commencing 2021, leaving approximately 94 years as of 2026. Leasehold depreciation becomes a progressively larger factor as a property approaches the 70-year and then 60-year thresholds, affecting both financing (banks typically restrict loan-to-value ratios for leases below 30 years remaining) and resale liquidity. For a 2021-commencement lease, meaningful depreciation pressure begins around 2056. Buyers intending a hold of fifteen or more years should run a lease-decay model — the lease-decay calculator provides a structured estimate. The 99-year tenure also limits en-bloc potential relative to freehold stock, although the dock-frontage constraint that prevents new competing supply is a partial offset.
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA.
- Sales data: 173 transactions analysed
- Rental data: 226 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 THE REEF AT KING'S DOCK
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 THE REEF AT KING'S DOCK against staying public? These HDB towns sit within walking or short-drive distance:
- Bukit Merah — 4-room average $894,787 (780m away), an upgrader gap of about $1,300,000