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Thread: CapitaLand buys Marine Point

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    Default CapitaLand buys Marine Point

    http://www.businesstimes.com.sg/sub/...09534,00.html?

    Published October 21, 2010

    Marine Point put up for sale with $110m price tag

    By UMA SHANKARI


    MARINE Point, a freehold residential development at Marine Parade Road, is up for collective sale with a $110 million price tag.


    Marine Point: The site can be re-developed into 90-100 apartments averaging 1,000 sq ft each

    The indicative price for the 18-storey block works out to $1,116 per square foot per plot ratio (psf ppr), including an estimated development charge of $10 million.

    The project has a site area of 51,185 sq ft and a 2.1 gross plot ratio, giving a maximum gross floor area of 107,489 sq ft.

    The existing development comprises 30 apartments and two penthouses.

    ERA Asia Pacific, which is conducting the public tender for the sale, estimates that the site can be re-developed to accommodate around 90-100 apartments averaging 1,000 sq ft each.

    More than 80 per cent of the owners by share value and strata floor area have signed the collective agreement. The tender for Marine Point closes at 3.30pm on Nov 18.

    Separately, the Urban Redevelopment Authority (URA) said yesterday that it has accepted an application from an unnamed developer to put up a 30-year leasehold industrial site at Pioneer Road North/Soon Lee Street for sale.

    The 1.44 hectare land parcel was made available for sale through the government's Reserve List system on May 27 this year. Sites on the Reserve List are only put up for tender if a developer indicates a minimum bid price in an application, and that bid price is deemed to be acceptable.

    The unnamed developer has committed to bid at least $13.8 million, or $44 psf ppr, for the land parcel. But Savills Singapore's industrial director Dominic Peters said the top bid could be in the region of $60-$70 psf ppr.

    'There should be strong demand for the site as the industrial sector is still very open to investors, unlike other segments of Singapore's property market,' Mr Peters said.

    The land parcel has a maximum gross plot ratio of 2.0. It is zoned for 'Business 2' use, which means it can be developed for a variety of uses such as clean, light and general industries which include industries related to bio-technology, vehicle repair and servicing, and manufacture of electrical and electronic products.

    The tender for the site will be launched in two weeks' time.

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    http://www.todayonline.com/Business/...nt-up-for-sale

    Marine Point up for sale

    05:55 AM Oct 21, 2010


    SINGAPORE - A freehold residential block at Marine Parade Road has been put up for collective sale through a public tender.

    The 18-storey building called Marine Point comprises 30 apartments and two penthouses.

    The owners are looking at a collective indicative price of about $110 million. That works out to about $1,030 per square foot per plot ratio. An estimated development charge of $10 million is payable.

    The site measures about 52,000 sq ft. It is zoned as a residential with a gross plot ratio of 2.1, according to the 2008 Master Plan by the URA.

    Redevelopment possibilities include a 25-storey block which could accomodate about 100 apartments .

    Each apartment would average 1,000 sq ft. The site is located in the heart of Marine Parade, opposite Parkway Parade shopping centre.

    The tender for Marine Point closes on Nov 18, 2010.

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    $1050 psf ppr? So cheap enbloc? Sell already cannot get another unit nearby at <$1500 psf!

    Quote Originally Posted by mr funny
    http://www.todayonline.com/Business/...nt-up-for-sale

    Marine Point up for sale

    05:55 AM Oct 21, 2010


    SINGAPORE - A freehold residential block at Marine Parade Road has been put up for collective sale through a public tender.

    The 18-storey building called Marine Point comprises 30 apartments and two penthouses.

    The owners are looking at a collective indicative price of about $110 million. That works out to about $1,030 per square foot per plot ratio. An estimated development charge of $10 million is payable.

    The site measures about 52,000 sq ft. It is zoned as a residential with a gross plot ratio of 2.1, according to the 2008 Master Plan by the URA.

    Redevelopment possibilities include a 25-storey block which could accomodate about 100 apartments .

    Each apartment would average 1,000 sq ft. The site is located in the heart of Marine Parade, opposite Parkway Parade shopping centre.

    The tender for Marine Point closes on Nov 18, 2010.

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    Quote Originally Posted by teddybear
    $1050 psf ppr? So cheap enbloc? Sell already cannot get another unit nearby at <$1500 psf!
    1050 is the expected cost for the future development. Not the current one, since the existing block is not built to the max. the effective psf for the owner now is abt 1500.

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    Oh I see. Why the journalist cannot write as clear as you do? They also don't know the details?

    Quote Originally Posted by amk
    1050 is the expected cost for the future development. Not the current one, since the existing block is not built to the max. the effective psf for the owner now is abt 1500.

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    i tot tat was always been the case and style of writing??? always reports xxxpsf ppr mah....den u nid to dig out how many units r there and their sizes...roughly see how much each owner pocketed..

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    yah lor. always must read carefully whether its PSF PPR or just psf, the latter would refer to what the owners get.

    Quote Originally Posted by devilplate
    i tot tat was always been the case and style of writing??? always reports xxxpsf ppr mah....den u nid to dig out how many units r there and their sizes...roughly see how much each owner pocketed..

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    Most of the time the report is psfppr. The owners usually pocket much more than the number indicated. The building looks pretty new what! Why enbloc and tear down? Is money everything?

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    Quote Originally Posted by Wild Falcon
    The building looks pretty new what! Why enbloc and tear down? Is money everything?
    Yes it is. Is there a problem ?

    Same can be said abt keppel tower.

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    Quote Originally Posted by teddybear
    Oh I see. Why the journalist cannot write as clear as you do? They also don't know the details?
    wah lau eh. you property "expert" don't know what psf ppr is?

    tng chu koon lah.

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    Quote Originally Posted by devilplate
    i tot tat was always been the case and style of writing??? always reports xxxpsf ppr mah....den u nid to dig out how many units r there and their sizes...roughly see how much each owner pocketed..
    yes, collective sale always reports psf ppr.

    teddybearbear is often ignorant but likes to talk loudly all the time as if he knows a lot, just refer to his older posts to see what kind of person he is

    oh, and if you are observant, you will notice that he has very bad taste in property as well as cars and lifestyle. he is what you would call, a china ah pek who got some money only but like to talk big and show off... but actually got lousy taste and no style at all. very nouveau riche. obiang like hell

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    This condo is sitting on a long & narrow piece of land which restricts redevelopment options. It should combine with next door Marine View to make it squarer to attract better interest. May be their agent had tried but unsuccessful...

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    Lord Anuls, Did I say I am a property expert? No I didn't. The way you sound is like you are a real expert!

    Bad taste to you? Never mind. I prefer to maintain my taste regardless of what others think (Just like fashion trends, old trend will soon be recylced to be new trend and new trend become out-of-fashion or OBIANG ). 1 of the new trend like glass walls with flat/zero facade all around I heard of have a serious problem - residents make sure have to close all windows when going to sleep because when it rains, the parquet floors all become drenched! Worse still, those small units with small bedrooms will get rains onto their beds (so much so for the trend but not practical to live in with open windows for fresh air)!

    Too bad, those sounding or proclaiming to be "property expert" doesn't seem to be able to make much money from properties! They just like to and are only good at making loud comments (despite the self proclaimed "Lord" but "Anuls"?)


    Quote Originally Posted by Lord Anus
    yes, collective sale always reports psf ppr.

    teddybearbear is often ignorant but likes to talk loudly all the time as if he knows a lot, just refer to his older posts to see what kind of person he is

    oh, and if you are observant, you will notice that he has very bad taste in property as well as cars and lifestyle. he is what you would call, a china ah pek who got some money only but like to talk big and show off... but actually got lousy taste and no style at all. very nouveau riche. obiang like hell

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    The report says that the plot can be redeveloped to 25 storeys. I am not sure how true this is, but that would easily make it the tallest building in Marine Parade area.
    Most are 18-19 storeys only.

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    Default Yet again...

    Yes another classic property, with a planned lay-out and lots of space inside, goes en-bloc *sigh*

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    http://www.straitstimes.com/Money/St...ry_595171.html

    Oct 26, 2010

    Two developments up for collective sale

    By Esther Teo



    CARDIFF Court, off Lorong Chuan, is being launched for collective sale today with a $25 million price tag.

    The 21-unit project, on a 43,491 sq ft residential leasehold site, can be redeveloped into a project of up to five storeys.

    The lease has 72 years left. The potential gross floor area (GFA) of a new project there is about 60,887 sq ft.

    Marketing agent Teakhwa Real Estate said the District 19 property is expected to fetch about $25 million.

    That works out to $519.50 per sq ft per plot ratio (psf ppr) - including estimated development charges of $6.63 million to top up the lease to 99 years.

    At that price, the break-even price for a developer is estimated to be about $860 psf to $900 psf.

    That means prices in excess of $1,100 psf can be expected at launch, Teakhwa said. About 96 apartments of about 600 sq ft each can be built, it added.

    Units at nearby 99-year leasehold project Hong Leong's The Scala were recently sold for between $1,100 psf and $1,500 psf while another project in the area, Kovan Residences, has also sold above the $1,000 psf mark.

    'The new condo project should appeal to both home buyers and investors alike - specifically to the upper middle class Singaporeans living in the Serangoon area and foreigners looking at well-located residential projects,' Teakhwa said.

    Another development, Marine Point, a freehold 18-storey residential block at 95 Marine Parade Road, was launched for collective sale last Wednesday at an indicative price of about $110 million. Marine Point consists of 30 apartments and two penthouses on a 51,185 sq ft site. Its potential GFA is 107,489 sq ft.

    This works out to about $1,116 psf ppr, including an estimated development charge of $10 million.

    It can be redeveloped to accommodate about 90 to 100 apartments averaging 1,000 sq ft each, said marketing agent ERA Asia-Pacific associate director Eugene Lim.

    In both cases, the requisite more than 80 per cent of owners by share value and strata floor area have signed the collective agreement.

    Both tenders will close on Nov 18.

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    Default Marine Point Being SOld for $1000 psf ppr

    Business Times - 26 Jan 2011
    CDL moves in on Tanglin Shopping Centre


    Marine Point being sold en bloc for about $1,000 psf ppr


    (SINGAPORE) The tender for Tanglin Shopping Centre's collective sale closed yesterday and is understood to have drawn at least one submission - from City Developments Limited (CDL).
    The reserve price for the en bloc sale is said to be $1.25 billion, working out to a whopping unit land price of about $4,000 per square foot of potential gross floor area, assuming the freehold site is redeveloped. Market watchers find it hard to believe that CDL would be prepared to pay such a price, suggesting some conditions could have been attached to its bid.
    CDL's London-listed hotel unit Millennium & Copthorne Hotels, through its wholly-owned unit King's Tanglin Shopping Pte Ltd, owns 85 strata retail and office units as well as all 325 carpark lots in the development, reflecting more than 30 per cent interest in Tanglin Shopping Centre's total strata area, based on earlier reports. The carpark lots are in the basement as well as in a rear multi-storey building.
    M&C revealed in June last year that it had signed the Collective Sale Agreement for the sale of its strata-titled interest in the complex.
    When contacted yesterday evening, Jean Goh, senior marketing director of ERA Realty Network, the marketing agent for Tanglin Shopping Centre's collective sale, said: 'We cannot comment at this point in time as we are still in the midst of negotiation.'
    Based on Tanglin Shopping Centre's existing strata area of about 380,000 sq ft (comprising shops, offices, medical suites and carparking space), the $1.25 billion reserve price works out to about $3,300 per square foot.
    Tanglin Shopping Centre has a freehold land area of about 68,512 sq ft. It is zoned for commercial use with a 4.2+ plot ratio under Master Plan 2008. ERA has previously said the property has potential for a mixed development comprising residential and retail units or commercial office cum retail and/or a hotel annex.
    Assuming the authorities allow a new commercial development on the site built up to the existing gross floor area (GFA) of 313,437 sq ft with no development charge (DC) payable, the $1.25 billion reserve price would work out to $3,988 per square foot per plot ratio (psf ppr).
    However, a DC may be payable for a mixed development scheme that includes a residential component, sources suggest.
    The building's existing GFA slightly exceeds the maximum 287,750 sq ft allowed for the site under Master Plan 2008.
    Tanglin Shopping Centre currently consists of 363 units of retail, office and medical units, plus the 325 carpark lots in the basement and eight-level multistorey carpark.
    Market watchers say that the interest by CDL, which is part of Singapore's Hong Leong Group, in the property is expected, given the group's stronghold in the area. Besides its stake in Tanglin Shopping Centre, the group also has stakes in St Regis Singapore next door, Orchard Hotel and Palais Renaissance.
    Separately, BT has learned that a collective sale deal for Marine Point at Marine Parade Road could take place soon. The price of the 51,185 sq ft freehold site is said to be about $95 million, or slightly below $1,000 psf ppr inclusive of DC. Selangor Dredging has been tipped as the potential buyer. Marine Point has a 2.1 plot ratio, which means it can be built into a new project with up to 107,489 sq ft GFA.
    Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

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    10% discount from their asking price partly due to the long rectangular shape of the land limiting the development options. So the expected selling price should be >S$1500psf or even >$2000 psf for MM units. Let's see how's The CAPE doing next month.

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    Default Marine Point enbloc news

    In property news, the tender for Tanglin Shopping Centre's
    collective sale is understood to have drawn at least one
    submission - from City Developments (CDL). The reserve price
    for the en bloc sale is said to be $1.25 bn, working out to a
    whopping unit land price of about $4,000 psf, assuming the
    freehold site is redeveloped. Market watchers find it hard to
    believe that CDL would be prepared to pay such a price,
    suggesting some conditions could have been attached to its
    bid. Separately, a collective sale deal for Marine Point at
    Marine Parade Road could take place soon. The price of the
    51,185 sq ft freehold site is said to be about $95m, or
    slightly below $1,000 psf ppr inclusive of DC.

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    Default capitaland press release

    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.

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    Home prices, sales volume to drop: CEO CapitaLand
    Jan 17, 2011 - PropertyGuru.com.sg
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    Private home prices and sales volume will likely drop, following the government’s latest set of measures to cool the real estate market, said Liew Mun Leong, CEO of CapitaLand.

    However, Mr. Liew said he is “not too unhappy” with the property measures as they will make it easier for the company to win land parcels in government tenders.

    Describing the measures as “incremental”, Mr. Liew said some property developers are driving up land prices by bidding aggressively.

    “We are amazed at the prices that come out (in government land tenders),” he said. “Not that we are jealous but when we look at the numbers, we know that we can't do it. So in a way, we agree that there is some speculative chasing for land.”

    CapitaLand will proceed with its plans to launch 1,700 mainly upmarket homes this year. The units will come from five developments – Urban Resort Condominium, The Nassim, d'Leedon, The Interlace and the residential component of a new project at Bedok Town Centre.

    Mr. Liew said on Friday that prices will drop following the new measures, but he is still optimistic about the luxury and high-end market, which attracts cash-rich investors. This is contrary to the group’s statement last week, when it said private home prices will likely climb by five to 10 percent this year, following a 17.6 percent increase last year.

    Going forward, Mr. Liew said the measures will separate serious property developers from speculators: “These types of measures will differentiate the real estate developers who helped with Singapore's urbanisation from the speculators, who build shoebox apartments,” he said.

    However, he hopes that the government will be quick to fine-tune its policies in ......

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    that's exactly what he said. but his motto is only not to build units which are less than 500 sq ft. so 1+study at 5xx or 6xx sq ft will not be considered MM to mr. liew.

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    Quote Originally Posted by bargain hunter
    that's exactly what he said. but his motto is only not to build units which are less than 500 sq ft. so 1+study at 5xx or 6xx sq ft will not be considered MM to mr. liew.
    Actually 500-600 sqft if layout is for 2bedder or even 1+1 is small, for me I will consider to be MM

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    agreed. but i noticed city dev and capitaland usually will have 1 bedders at 500+ sq ft and 1+1 at 600+ (closer to 700 sq ft). and sell them on average for a million dollars. LOL.


    Quote Originally Posted by land118
    Actually 500-600 sqft if layout is for 2bedder or even 1+1 is small, for me I will consider to be MM

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    The entire stretch of properties opposite Parkway parade is really hot these days. If "the cape" can ask $2000psf, I shudder to think how much more can the 'new' Marine point can ask for in future!

    Time to property hunt for this 'stretch' of Parkway properties again. Very hot now...

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    Quote Originally Posted by teddybear
    Lord Anuls, Did I say I am a property expert? No I didn't. The way you sound is like you are a real expert!

    Bad taste to you? Never mind. I prefer to maintain my taste regardless of what others think (Just like fashion trends, old trend will soon be recylced to be new trend and new trend become out-of-fashion or OBIANG ). 1 of the new trend like glass walls with flat/zero facade all around I heard of have a serious problem - residents make sure have to close all windows when going to sleep because when it rains, the parquet floors all become drenched! Worse still, those small units with small bedrooms will get rains onto their beds (so much so for the trend but not practical to live in with open windows for fresh air)!

    Too bad, those sounding or proclaiming to be "property expert" doesn't seem to be able to make much money from properties! They just like to and are only good at making loud comments (despite the self proclaimed "Lord" but "Anuls"?)
    I only know that you are a very unpleasent person (or creatur_)

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    See who is the real unpleasant person (or creatur_)!

    http://forums.condosingapore.com/sho...postcount=1242

    Quote Originally Posted by patricia
    I only know that you are a very unpleasent person (or creatur_)

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    Quote Originally Posted by pod
    The entire stretch of properties opposite Parkway parade is really hot these days. If "the cape" can ask $2000psf, I shudder to think how much more can the 'new' Marine point can ask for in future!

    Time to property hunt for this 'stretch' of Parkway properties again. Very hot now...
    If it's "very hot", it's probably not a good time to "hunt"

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    Default CapitaLand buys Marine Point

    http://www.businesstimes.com.sg/sub/...44740,00.html?

    Published January 28, 2011

    CapitaLand buys Marine Point

    By EMILYN YAP


    CAPITALAND has signed a sale and purchase agreement to buy Marine Point en bloc and redevelop it into a 150-unit condominium.

    It will pay $100.68 million for the freehold site, and an estimated development charge of $12.8 million. The total acquisition cost works out to $1,056 per square foot per plot ratio.

    The deal is subject to the Strata Titles Board's approval and is expected to be completed in the third quarter of this year.

    Marine Point, located along Marine Parade Road, sits on a 51,185 sq ft site and has a maximum gross floor area of 107,488 sq ft.

    It was put up for collective sale in October last year with a $110 million price tag.

    CapitaLand plans to redevelop the site into a condominium with one-bedroom plus study and two-bedroom apartments. The project should be ready for launch in the first half of next year.

    '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 CapitaLand Residential Singapore CEO Wong Heang Fine.

    'We are confident that we will see strong buyer support from young families as well as professionals who have grown up in the area.'

    Marine Point is opposite Parkway Parade shopping mall and is within walking distance of East Coast Park. It is also near schools such as Tao Nan School and CHIJ (Katong) Primary School.

    Next to the estate is Parc Seabreeze, where units changed hands at $1,256-$1,430 psf between October and November last year, based on caveats lodged.

    The purchase of Marine Point will bring CapitaLand's pipeline of homes in Singapore to over 2,600 units.

    CapitaLand lost four cents yesterday to end trading at $3.65.

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