CapitaLand has said it will acquire enbloc property Marine Point for S$100.68 million.
The latest acquisition brings CapitaLand’s pipeline of homes in Singapore to 2,600 units altogether.
Marine Point, located in the Marine Parade neighbourhood, will be acquired at S$1,056 per square foot per plot ratio. This is inclusive of a development charge of S$12.8 million, said CapitaLand in a statement.
CapitaLand plans to redevelop Marine Point into a distinctive condominium with 150 units, comprising one-bedroom plus study and two-bedroom apartments.
Marine Point sits on a 4,755 square metre (51,185 square feet) freehold site with a maximum gross floor area of 9,986 square metres (107,488 square feet).
Currently, there are 32 units in the existing development.
The Marine Point transaction is expected to take place in third quarter of this year, subject to approval by the Strata Titles Board.
CapitaLand said it will maximise the height of the new development to about 19 storeys.
Wong Heang Fine, chief executive officer of CapitaLand Residential Singapore, said: “This will give the majority of the apartments a good view of the surrounding skyline and the sea. We plan to have the new development ready for launch in the first half of 2012.
He expects strong response from young families and professionals who have grown up in the area.
The Marine Point site is situated along Marine Parade Road, opposite nearby amenities in the Marine Parade Town Centre and Parkway Parade shopping mall.
A range of retail, F&B and entertainment facilities, as well as the popular East Coast Park, are located just minutes away.
The site is near well-known schools such as Tao Nan School, CHIJ (Katong) Primary, Tanjong Katong Girls’ School, Ngee Ann Primary School, Victoria School and Victoria Junior College.
It is also easily accessible by major expressways such as East Coast Parkway as well as numerous bus services.
Source : Channel NewsAsia – 27 Jan 2011