Back in 2015 when Kingsford was launched the prices were only about 1000-1100psf (some units even transacted below 1000psf) that explains the profit. Given that in current market even new ECs are expected to be priced around 1000-1100psf and new private condos are going at about 1300psf on average.
I went to the showflat last time. Not attracted by this huge development and location despite the cheap price.
You are right, the price increase is simply due to the new launch pricing nearby like riverfront/florence/affinity....