COMMERCIAL PROPERTY | Staff Reporter, Singapore

CapitaLand acquired Marine Point for $100.68mln

Total acquisition cost works out to $1.056 per square foot per plot ratio.

According to CapitaLand, they plan to redevelop the site into a distinctive condominium with 150 units, comprising one-bedroom plus study and two-bedroom apartments. This will bring CapitaLand's pipeline of homes in Singapore to a total of over 2,600 units.

Located along Marine Parade Road, 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). There are 32 apartments in the existing development. The completion of the transaction, expected to take place in the third quarter of 2011, is subject to the approval of the Strata Titles Board.

Mr Wong Heang Fine, CEO of CapitaLand Residential Singapore, said: “The Marine Point site will be a valuable addition to our development portfolio. The freehold site enjoys a popular District 15 address, and is within close proximity to East Coast Park, good schools and amenities. 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. We plan to have the new development ready for launch in the first half of 2012. We are confident that we will see strong buyer support from young families as well as professionals who have grown up in the area. We will continue to acquire sites where we can add value, and build well-designed homes for homebuyers.”

The Marine Point site is located along Marine Parade Road, opposite the bustling Marine Parade Town Centre and Parkway Parade shopping mall. Residents will benefit from the conveniences of a host of retail, F&B and entertainment facilities minutes away from the development. It is also within walking distance to East Coast Park, a popular seaside getaway for leisure and water sports.

The site is near established schools including the reputable Tao Nan School, CHIJ (Katong) Primary, Tanjong Katong Girls’ School, Ngee Ann Primary School, Victoria School and Victoria Junior College. It offers good connectivity to the rest of Singapore as it is well-served by many bus services, and major roads and expressways such as the East Coast Parkway that leads to the city centre and to Singapore Changi International Airport.

In the eastern part of Singapore, CapitaLand will also have the Bedok Town Centre site ready for launch this year. There will be approximately 500 apartments in the development, which is located above a shopping mall. It will provide a new and dynamic residential and shopping destination in the heart of the Bedok transportation hub, and enjoys direct access to the Bedok MRT station as well as the future bus interchange.

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