Marine Point up for collective sale

Marine Point, a freehold 18-storey residential block along Marine Parade Road, is up for collective sale.

Covering an area of more than 50,000 square feet, the site can be re-developed into a 25 storey block to accommodate about 100 apartments averaging 1,000 square feet each.

ERA, which is handling the collective sale, said more than 80 per cent of the owners by share value and strata floor area have signed the collective agreement.

The owners are looking at a collective indicative price of about S$110 million; or about $1,030 per square foot per plot ratio.

An estimated development charge of S$10 million is payable.

The tender for Marine Point closes on November 18, 2010 at 3:30pm.

Source : Channel NewsAsia – 20 Oct 2010

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