Katong condo expected to launch next month

Muneerah December 26, 2014

Katong condo expected to launch next month

Marine Blue is expected to launch in January 2015 after it was opened for preview from 29 November to 14 December 2014, according to a recent report by Square Foot Research.

The launch price of Marine Blue is expected to be between $1,800 psf and $2,200 psf, or an average of $2,000 psf. This is 40 percent higher than the median price of units sold in the past six months from projects located within 250 meters, according to Square Foot Research.

Located at 91 Marine Parade Road, Marine Blue comprises 120 apartment units and four two-storey terraces. 85% of the 120 units are one to two-bedroom suites ranging from 689 sq ft to 1,593 sq ft (inclusive of void area for loft units).

 

Katong condo expected to launch next month

Source: Square Foot Research

 

Previously occupied by Marine Point, the land was acquired by CapitaLand in 2011.

Its developer has reportedly held back its soft launch for almost a year. “The delay of the launch was not unexpected due to the poor market sentiment that followed after the implementation of the Total Debt Servicing Ratio (TDSR) in June last year.

“However, the Housing Developers (Control and Licensing) Act requires developers comprising foreign entities, CapitaLand included, to complete their residential developments within five years from the date of Qualifying Certificate or Collective Sale Order, and to dispose all units within two years from the issue of TOP. It is for this reason that Marine Blue does not have the luxury to stall its launch till better times,” the report said.

The freehold condominium is within walking distance to Parkway Parade, 112 Katong, Roxy Square and the upcoming Marine Parade MRT station on the Thomson-East Coast Line (TEL). Existing projects within its vicinity include Parc Seabreeze, The Sea View, Silversea, Cote D’Azur, Coralis and The Shore Residences.

Image source: condomarineblue.com

 

Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg

POST COMMENT

You may also like these articles

URA may reveal nett prices of units sold

The Urban Redevelopment Authority (URA) is working towards releasing the nett prices of individual units sold by developers on its website in H1 2015, as the government continues to make improvements

Continue ReadingDecember 24, 2014

90% of properties sold upon first auction listing in Q4

The proportion of properties, by sales value, sold upon their first listing for auction has been increasing over the past three quarters, according to JLL’s data. This proportion reached 90 per

Continue ReadingDecember 26, 2014

Medical suites taking the lead

Singapore’s residential and industrial sectors seem to be stagnant at the present moment, with sales transactions remaining flat for the past few quarters. According to analysts, the local property

Continue ReadingDecember 26, 2014