Southeast Asia’s largest property developer CapitaLand has entered into a sale-and-purchase agreement (SPA) to acquire Marine Point for S$100.68 million, with a development charge of approximately S$12.8 million.
The total acquisition cost works out to around S$1,056 psf ppr and the SPA is subject to the Strata Titles Board’s approval. It is expected to be completed in Q3 this year.
CapitaLand said it plans to redevelop the property into a 150-unit condominium with one-room (plus study) and two-room units.
“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,” said Wong Heang Fine, Chief Executive of CapitaLand Residential Singapore.
“We are confident that we will see strong buyer support from young families as well as professionals who have grown up in the area,” he said.
Located along Marine Parade Road, the property has a site area of 51,185 sq ft and a maximum gross floor area (GFA) of 107,488 sq ft. It was launched for en bloc sale in October 2010 with a minimum price tag of S$110 million.
The acquisition of Marine Point will bring CapitaLand’s portfolio of residential units in Singapore to more than 2,600.