CapitaLand found buyers for 31 of the 50 condos initially released for its Marine Blue freehold project, including a one-bedroom-plus-study, two-bedders and a penthouse.
Based on media reports, these units were sold at an average price of between $1,800 and $2,000 psf, representing a 10 percent discount from original listed prices.
In comparison, prices of recently transacted freehold condos within the vicinity, such as those in Coralis, SeaView, Parc Seabreeze and 70 Saint Patrick’s, ranges from $1,630 to $1,730 psf, while rents in the area average between $3.20 to $4 psf per month noted SLP International Executive Director Nicholas Mak.
Comprising a total of four strata terrace houses and 120 condominiums, Marine Blue is a stone’s throw from the proposed Marine Parade MRT station and is besides the Grand Mercure Roxy Hotel in Marine Parade.
According to a representative from CapitaLand, the project is expected to attract young professionals and families seeking a modern, well-designed house in the mature Marine Parade estate. It is also close to the historically-rich Katong area, its food belt, a transportation network as well as amenities like schools and shopping malls.
In agreement, experts revealed that Marine Blue’s rental potential is good thanks to its proximity to East Coast Park and malls such as Katong 112 and Parkway Parade.
As a matter of fact, the area has generally seen robust leasing interest from expatriates, who consider it a “cost-effective option in an upmarket locality”, noted R’ST Research Director Ong Kah Seng.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com