The pricing for Marine Blue ranged from around $1,800 to $2,200 PSF, depending on the unit size, facing, and floor level. While considered high at the time, it now pales in comparison with pricing of current freehold launches in the East Coast. Examples being MeyerHouse and Coastline Residences. MeyerHouse is at Meyer Road, going for around $2,7xx to $2,8xx PSF. Coastline Residences is closer, at Amber Road, selling at around $2,6xx to $2,8xx PSF.
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Capitaland paid $100.68 million for the site, which works out to total acquisition cost of about $1,056 per square foot per plot ratio. Assuming construction, financing and overhead costs of around $550 PSF, breakeven should be around $1,600 PSF.
The most recent transaction at nearby 99 year leasehold Silversea condo was at $1,714 PSF in December 2013. On this basis, some analysts are predicting Marine Blue prices to be around $1,800 to $2,200 PSF.
For the background on Capitaland’s acquisition of the site, see report (opens in new window).
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