Marine Blue sold at average of $1800-2200 psf

CAPITALAND Limited sold 31 of the 50 units released during the preview of its new freehold condo project Marine Blue over the weekend, at an average price of between S$1,800 and S$2,000 per square foot (psf).

The units sold included one-bedroom-plus-study and two-bedroom ones and a penthouse, said a CapitaLand Singapore spokesman.

The price list obtained by The Business Times showed a 10 per cent discount off the listed prices.

Sited next to Grand Mercure Roxy Hotel along Marine Parade Road and within walking distance of the upcoming Marine Parade MRT station, Marine Blue comprises 120 condo units and four strata terrace houses.

The showflat in Bedok South Ave 3 first opened for viewing two weeks last month, and then closed for the year-end festive season; it was re-opened last week for the preview for buyers who had indicated interest for the project.

The spokesman said the development would appeal to young professionals and families looking for a contemporary, well-designed home in the mature Marine Parade public housing estate. The development is also near the rich heritage charm of Katong, its vibrant food belt, a transport network and amenities such as shopping malls and schools.

Recent transacted prices of freehold condo units in the vicinity, including 70 Saint Patrick’s, Coralis, SeaView and Parc Seabreeze, have fallen within the range of S$1,630 to S$1,730 psf; rents have averaged at between S$3.20 to S$4 psf per month, said SLP International executive director Nicholas Mak.

Property consultants noted that rental prospects for the project look promising, given its proximity to amenities such as Parkway Parade, Katong 112 and the East Coast Park.

R’ST Research director Ong Kah Seng said the locality has generally enjoyed strong leasing interest from expatriates and foreign professionals, who find the location a “cost-effective option in an upmarket locality”. He added that the the discounted prices were within reach of buyers, based on total debt servicing ratio limits.

He pointed out that it was becoming a norm for developers to release units during the preview to test the market. Keppel Land, for example, started selling units at its Highline Residences in Tiong Bahru during its preview; 147 out of its 500 units had been sold by the end of November.

He said: “An official launch does little to boost sales, as buyers are concerned only with pricing and discounts, not on the fanfare or other frills and sales incentives.

“So long as pricing isn’t matching up to buyers’ expectations in this cooled market, buyers will not move on a purchase even it is launched officially (with fanfare).”

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