CapitaLand set to officially launch Marine Blue
Since its soft launch – which took place in the first month (January) of 2015, CapitaLand is set to re-introduce the 124-unit freehold project in Marine Parade with its official launch being set this Saturday 18 March 2017.
The plan for Marine Blue launch came in after the Singapore government eased the property cooling measures – which has been tormenting for the private residential market since 2013.
Under the new revisions, the Seller’s Stamp Duty (or SSD) has been reduced for each tier – by 4% each, as well as shortening the holding period from 4 years to 3 years.
On top of that, the Total Debt Servicing Ratio (or TDSR) will also not be applicable to withdrawal loans for mortgage equities which have a LTV (or loan-to-value) ratio of 50% and below.
It was noted by developer CapitaLand that Marine Blue’s pricing has not been adjusted since the soft launch 2 years ago, and the firm will absorb all maintenance fees (from around $700/month depending on unit type) for the first 2 years.
Majority of the units at Marine Blue will come with a sea view. 1-bedroom units (from 635 – 980 square feet) will range between $1.13 million to $1.39 million and loft suites (from 1270 – 1593 square feet) from $1.56 million to $1.67 million.
Penthouses at Marine Blue – between sizes of 3025 to 3261 square feet, are priced from $4.11 million to $4.47 million.
Based on transaction data, the developer sold 38 units in total last month and currently there are still 86 units left for sale – with 52 1-bedroom apartments, 27 loft suites, 3 penthouse units and 4 pool terrace units left.
Mixed sentiments from buyers with regards to the easing of cooling measures. Video: Channel NewsAsia
When being asking on the timing for the launch, CapitaLand mentioned that it was the firm’s priority to have the new launch condo project completed first as they believe that a fully ready project will provide a better understanding and representation to prospects, showcasing the attractiveness of the property.
Marine Blue was given its T.O.P in October 2016 and under the guidelines and rules of the Qualifying Certificate (QC), the developer has till October 2018 to finish sell all the units in the development.
With rules of property transactions tightening between transferring of shares in entities which holds properties (announced last Friday by the Ministry of National Development), CapitaLand will look to ride on the easing of cooling measures for buyers to spur sales for Marine Blue.
This could also spell good news for another upcoming launch in the East Coast precinct – Seaside Residences at Siglap by Frasers Centrepoint, which is set to launch in the 2nd quarter of 2017.