CapitaLand buys Marine Point

Published January 28, 2011

CapitaLand buys Marine Point

By EMILYN YAP


CAPITALAND has signed a sale and purchase agreement to buy Marine Point en bloc and redevelop it into a 150-unit condominium.


It will pay $100.68 million for the freehold site, and an estimated development charge of $12.8 million. The total acquisition cost works out to $1,056 per square foot per plot ratio.

The deal is subject to the Strata Titles Board's approval and is expected to be completed in the third quarter of this year.

Marine Point, located along Marine Parade Road, sits on a 51,185 sq ft site and has a maximum gross floor area of 107,488 sq ft.

It was put up for collective sale in October last year with a $110 million price tag.

CapitaLand plans to redevelop the site into a condominium with one-bedroom plus study and two-bedroom apartments. The project should be ready for launch in the first half of next year.

'For the new development, we will be maximising its height to approximately 19 storeys. This will give the majority of the apartments a good view of the surrounding skyline and the sea,' said CapitaLand Residential Singapore CEO Wong Heang Fine.

'We are confident that we will see strong buyer support from young families as well as professionals who have grown up in the area.'

Marine Point is opposite Parkway Parade shopping mall and is within walking distance of East Coast Park. It is also near schools such as Tao Nan School and CHIJ (Katong) Primary School.

Next to the estate is Parc Seabreeze, where units changed hands at $1,256-$1,430 psf between October and November last year, based on caveats lodged.

The purchase of Marine Point will bring CapitaLand's pipeline of homes in Singapore to over 2,600 units.

CapitaLand lost four cents yesterday to end trading at $3.65.


Source; www.businesstimes.com.sg