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Thread: CapitaLand buys Marine Point

  1. #31
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    http://www.straitstimes.com/Money/St...ry_629091.html

    Jan 28, 2011

    2 collective sales done at lower prices

    By Esther Teo


    TWO collective sales have been completed, although both were at prices lower than earlier indicated, perhaps showing that recent cooling measures have tempered demand a little.

    Marine Point in Marine Parade Road has been acquired by CapitaLand at $101million. The owners wanted $110 million when the tender was launched in October.

    If an estimated development charge of $12.8million is included, the price works out to $1,056 per sq ft (psf) per plot ratio (ppr), CapitaLand said.

    It plans to redevelop the 51,185 sq ft freehold site into a 150-unit condominium of one-bedroom plus study and two-bedroom apartments.

    This will bring CapitaLand's pipeline of homes here to more than 2,600 units.

    Mr Wong Heang Fine, chief executive of CapitaLand Residential Singapore, said the firm plans to maximise the project's height to about 19 storeys and is confident that it will get strong interest from young families and professionals who have grown up in the area.

    'This will give the majority of the apartments a good view of the surrounding skyline and the sea. We plan to have (it) ready for launch in the first half of 2012,' he added.

    Bartley Terrace, near Bartley MRT station, was sold for $40million, which The Straits Times understands to be below its reserve price.

    The tender was launched last year with an asking price of $48million.

    Meadows Investment, a firm owned by Mr Neo Tiam Boon, executive director of local property and construction firm Tiong Aik Group, bought the site in a private treaty, said marketing agent Urban Front yesterday.

    The price works out to about $760 psf ppr, inclusive of about $3million in development charges and a 10per cent balcony allocation.

    The District 19 freehold site has a land area of about 40,482 sq ft with a plot ratio of 1.4.

    The owners of the 32 units stand to reap $1.14million to $1.8million each, Urban Front said.

  2. #32
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    Quote Originally Posted by bargain hunter
    http://info.sgx.com/webcoranncatth.n...df?openelement

    even though likely not mickey mouse, it seems that every unit will either be a 1+study or a 2 bedder. so much for high and almighty capitaland.

    Frankly, very very very disappointed with Capitaland's plan to build these midget apartments in Marine Parade, especially after all the big talk by the big man... Indeed, only so much for this 'crap' afterall!

  3. #33
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    Quote Originally Posted by TKT
    Frankly, very very very disappointed with Capitaland's plan to build these midget apartments in Marine Parade, especially after all the big talk by the big man... Indeed, only so much for this 'crap' afterall!
    Big man also need to show results, maybe got wacked after they never target MM segments where boutique developers and more recently Oxley have made $ in 2010. Maybe kinda of late now to join the MM party....

  4. #34
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    Project NameStreet NameTypeNo. of UnitsPrice
    ($)Area (Sqft)1
    Type of Area2
    Unit Price ($psf)3
    Date of Option Exercised / Sales Agreement SignedBARTLEY TERRACE GAMBIR WALKCondominium1650,0001,184Strata549Mar-10

    wow this guys super tan tiok!
    Profit is more than $1mio!!

  5. #35
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    Quote Originally Posted by vboy
    Project NameStreet NameTypeNo. of UnitsPrice
    ($)Area (Sqft)1
    Type of Area2
    Unit Price ($psf)3
    Date of Option Exercised / Sales Agreement SignedBARTLEY TERRACE GAMBIR WALKCondominium1650,0001,184Strata549Mar-10

    wow this guys super tan tiok!
    Profit is more than $1mio!!
    Wonder if Agent...

  6. #36
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    Quote Originally Posted by vboy
    Project NameStreet NameTypeNo. of UnitsPrice
    ($)Area (Sqft)1
    Type of Area2
    Unit Price ($psf)3
    Date of Option Exercised / Sales Agreement SignedBARTLEY TERRACE GAMBIR WALKCondominium1650,0001,184Strata549Mar-10

    wow this guys super tan tiok!
    Profit is more than $1mio!!
    From streetsine, unit #03-01, somemore less than 1 year since he buy: http://www.streetsine.com/static/hom...ode-538976-CND

    Address
    Tenure
    PSF
    Area Sqft
    Price
    Contract Date
    16 Gambir Walk #03-01
    Freehold
    $549
    1184
    $650k
    17 Mar 10

  7. #37
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    When are the people moving out?

    Anyone knows the Capitaland's plan? I am curious to know how tall they can built.

  8. #38
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    Quote Originally Posted by urban
    When are the people moving out?

    Anyone knows the Capitaland's plan? I am curious to know how tall they can built.
    Today's ST newspapers, CapitaLand say only next year then they will launch new project on this site.

  9. #39
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    Quote Originally Posted by land118
    Today's ST newspapers, CapitaLand say only next year then they will launch new project on this site.
    Thanks... still a bit disappointed that the MM apartment is built on this plot. A Telok Kurau disease.

  10. #40
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    Quote Originally Posted by urban
    Thanks... still a bit disappointed that the MM apartment is built on this plot. A Telok Kurau disease.
    Think it is not just a TK disease, it everywhere, just how many developer include in project. Make $ense to them....

  11. #41
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    Capitaland would have done a survey around that area and found that the 3-4 bedders at new launches around there are not moving that well.

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    most of these projects which focused on 3 to 4 bedders were first launched in 2007 when big was beautiful. how quickly taste changes in just a few years huh.

    Quote Originally Posted by DC33_2008
    Capitaland would have done a survey around that area and found that the 3-4 bedders at new launches around there are not moving that well.

  13. #43
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    I think they still like large unit but pocket not large enough given the leap in property prices in the last few years.
    Quote Originally Posted by bargain hunter
    most of these projects which focused on 3 to 4 bedders were first launched in 2007 when big was beautiful. how quickly taste changes in just a few years huh.

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    Quote Originally Posted by DC33_2008
    I think they still like large unit but pocket not large enough given the leap in property prices in the last few years.
    yeah

    last time ppl r mainly buying 2bedder for investment and 3/4beder for own stay....1bedder always say rent to who? lol

    rental aso go up .....so 1bedder become popular

  15. #45
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    Quote Originally Posted by urban
    Thanks... still a bit disappointed that the MM apartment is built on this plot. A Telok Kurau disease.
    are there any details released for this development? would be interested if the price is reasonable

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    MM not everywhere lah. Quite specific areas. TK is probably the big brother of MM. But when there's demand, there's supply. I think there're a lot of such shoebox demand around TK, Geylang, Katong, Joo Chiat etc. and now spreading to CBD and Stevens and Holland area.

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    Quote Originally Posted by Wild Falcon
    MM not everywhere lah. Quite specific areas. TK is probably the big brother of MM. But when there's demand, there's supply. I think there're a lot of such shoebox demand around TK, Geylang, Katong, Joo Chiat etc. and now spreading to CBD and Stevens and Holland area.
    actually 1bedders at TK not many....its only until recently den start to see whole boutique projects consists of mainly 1bedders....in 2007 launches, mainly 2/3bedders one....

    CBD has the most 1bedders....The Sail/Icon started the 1bedder trend in SG

    balestier got quite alot MMs too

  18. #48
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    More MM to come if property prices continue to climb. It is about affordability. Bcos 500k property is still manageable by middle income group.

  19. #49
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    Quote Originally Posted by DC33_2008
    More MM to come if property prices continue to climb. It is about affordability. Bcos 500k property is still manageable by middle income group.
    especially downpayment is 40%+3% now....

    but if ppl can splash on 60k COE....tink still got many cash rich buyers floating ard...hehe

  20. #50
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    but those large units were also launched at current prices 2007 and prices have not moved up that much since then.

    Quote Originally Posted by DC33_2008
    I think they still like large unit but pocket not large enough given the leap in property prices in the last few years.

  21. #51
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    Quote Originally Posted by bargain hunter
    but those large units were also launched at current prices 2007 and prices have not moved up that much since then.
    cud be due poor rental demand for big units.....when too many bot for investment....got problem liao.....currently, its still easier to find bigger units for rental den 1bedders....however, the story may turn around 2-3yrs later when MMs all starting to TOP

  22. #52
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    It is about demand and supply. Price will not move if there is no demand. Property prices move when there is active transaction. Whether we like or not, it is sometimes good to have flippers. When there is more action, there will be more reaction.
    Quote Originally Posted by bargain hunter
    but those large units were also launched at current prices 2007 and prices have not moved up that much since then.

  23. #53
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    Quote Originally Posted by bargain hunter
    but those large units were also launched at current prices 2007 and prices have not moved up that much since then.
    don't think your statement is valid. look at esta and one amber. launched during the peak of last property cycle at $600+psf, for 3/4 BR units and now the resale transactions are between $1100-1300psf

  24. #54
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    Quote Originally Posted by eng81157
    don't think your statement is valid. look at esta and one amber. launched during the peak of last property cycle at $600+psf, for 3/4 BR units and now the resale transactions are between $1100-1300psf
    Esta and One Amber were not launched at the peak, it should be around 2006...well before the peak

  25. #55
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    during peak of 07, 1 amber about 1.1kpsf

    anyway big units goto be more den 1500sqft like those orchard condos lor....1 amber unit sizes is just normal

  26. #56
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    yeah. Laguna had already replied you. esta and OA were more like nearer to the bottom than the peak. the peak refers to Amber Residences (remaining units were resold again closer to TOP recently), same thing for Aalto, i think Parc Seabreeze too. Seafront launch prices at 1300 to 1700 (sometime in apr 07?) was not yet exactly at the peak and prices have not made much headaway even now, almost a year after it TOP.

    Quote Originally Posted by eng81157
    don't think your statement is valid. look at esta and one amber. launched during the peak of last property cycle at $600+psf, for 3/4 BR units and now the resale transactions are between $1100-1300psf

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