Marine Blue officially launched this weekend

Capitaland is officially launching a residential project in Marine Parade this weekend. The  average price for the units is at S$1,700 per sq ft (psf). This officially launch came after more than two years after its soft launch in January 2015.

38 units have been sold as of last month. Majority of the units in Marine Blue come with a view of the sea. The remaining 86 units for sale comprise 52 one-bedroom units, 27 loft suites, three penthouses and four pool terraces:

  • One-bedroom units (sizes from 635 to 980 sq ft); priced S$1.13 million – S$1.39 million.
  • Loft suites (sizes from 1,270 to 1,593 sq ft); priced S$1.56 million – S$1.67 million.
  • Penthouse units (sizes from 3,025 to 3,261 sq ft); priced S$4.11 million – S$4.47 million.
  • Pool terraces (three bedrooms and a private pool) (sizes from 3,670 to 3,993 sq ft);  priced S$4.87 million – S$5.24 million.

Marine Blue received its temporary occupation permit (TOP) in October last year. Under Qualifying Certificate (QC) rules, CapitaLand is due to sell all units by October 2018. Marine Blue is located near East Coast Park, Tao Nan and Ngee Ann Primary and many other popular schools in the east. It is conveniently opposite the popular shopping mall in the east, Parkway Parade, with the new Thomson-East Coast Line (TEL) to be ready in 5 years’ time. The owner of Parkway Parade, Landlease, is separately launching a mega integrated development in Paya Lebar as well over the weekend.

The official launch of the 124-unit Marine Blue comes after the government’s move last Friday to ease property market cooling measures that have been in place since 2013:

  • each tier of the seller’s stamp duty (SSD) will be lowered by four percentage points and the holding period shortened from 4 years to 3.
  • a new stamp duty – the Additional Conveyance Duties – aimed at residential property transactions done through the transfer of shares in property-holding entities.
  • Total Debt Servicing Ratio (TDSR) will no longer apply to mortgage equity withdrawal loans with loan-to-value ratios of 50 per cent and below.

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