KepLand worries over 200 unsold units at Reflections

They're facing 'great difficulty' selling them.

According to CIMB, around 200 units of Keppel Land's Reflections remain unsold. Agents shared that they had faced great difficulty in renting out the units at Reflections last year (completed in 2012), given the tide of supply in the area.

Here's more:

Many owners had slashed rents to as low as S$4psf (implying 2.4% yields at current levels). This has since stabilised to S$5psf. At current rents,
implied gross yields for Corals are a low 3.2%. Agents continue to point to low deposit rates as a pitch for the relative attraction of its rental yields.

Not surprisingly, most buyers at the Corals went for the smaller 1-2 bedders. Take-up for 3-bedders and above priced at S$2.7m-10m per unit was lower. Investors made up the bulk of the initial take-up, with many concurrently owning units at Caribbean and Reflections.

According to the agents, many units sold at Reflections are currently vacant.

Many owners still have strong holding power, which may explain why physical prices have remained firm.

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