The eastern suburb of Marine Parade which features a mix of private residential estates and public housing built in the 1970s and 1980s is expected to get a new lease of life thanks to upcoming new projects, said consultants who were quoted in the media.
Among them is a 124-unit residential development by CapitaLand.
Set to rise on the former Marine Point site, the project is located next to Grand Mercure Roxy Hotel, and is across the street from Parkway Parade and close to 112 Katong.
It is currently under construction but has yet to be launched. While the developer has not officially named the project, it is expected to be called Marine Blue. Its launch was originally set for 2H2013 but was postponed till an unspecified time this year.
Elaine Chow, Research Head at Chesterton Singapore, expects Marine Blue to go on sale before the end of June at an average price of slightly above $2,000 psf.
She noted that the price point will help the project compete with prices at Silversea condominium (pictured).
Developed by Far East Organization, the 99-year leasehold project is expected to TOP by end-March.
Launched in 2009, Silversea is located at Marine Parade Road, just a few blocks west of Parkway Parade.
Meanwhile, home prices and rents in Marine Parade are expected to hold steady or rise given the many nearby amenities and proximity to the Katong food belt.
The lack of new private homes within the area will help prices stay firm over the coming months, said GPS Alliance Chief Executive Jeffrey Hong.
Prices and rents could increase further once the Marine Parade station on the upcoming Eastern Region Line is ready, Chow said.
Slated for completion in 2020, the MRT line will pass through various estates such as Marine Parade, Tanjong Rhu, Siglap, Bedok South and Upper East Coast Road.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
Related Stories:
Property bubble unlikely in Singapore: Citi
CapitaLand delays launch of Marine Parade project
GCB market picking up pace in 2014