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).
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
