New projects adding buzz to Marine Parade
UPCOMING new projects are bringing a new lease of life to Marine Parade, a mature estate in the east with both a cosy beach-town vibe and District 15 cachet.
Improved transport links to the area in the near future will also buoy home prices and rents there, consultants said.
Marine Parade has a mix of public housing built in the 1970s and 1980s and private residential enclaves, and is popular with long-time residents, families and expatriates.
Its sea views and plum coastal location near the East Coast Parkway mean that rents there are among the highest islandwide, consultants added.
One of the latest new projects there is a 124-unit development slated to rise on the site of the former Marine Point.
It is across the street from Parkway Parade mall and next to the Grand Mercure Roxy Hotel, and is also close to the 112 Katong mall.
It was supposed to be launched in the second half of last year but that was delayed till an unspecified time this year.
Chesterton Singapore research head Elaine Chow estimated that Marine Blue could go on sale before the end of June this year for slightly above $2,000 per square foot (psf) on average.
That price point would help it compete with asking prices at the nearby Silversea condominium project, she said.
The 99-year leasehold Silversea, by Far East Organisation, is expected to get its temporary occupation permit (TOP) by the end of next month.
The project is in Marine Parade Road, a few blocks west of Parkway Parade. It launched in late 2009 and had moved 372 out of 383 units by the end of last month, Urban Redevelopment Authority (URA) figures show.
The most recent transaction at Silversea was a new sale at $1,714 psf in December last year, according to caveats lodged with the URA.
Most of the completed projects in the vicinity are relatively small and have few recent transactions.
Next to the upcoming Marine Blue is the 28-unit freehold Marine View Mansions, where a unit was last resold in August 2010 at $1,042 psf. It was completed in 1988.
Others nearby include the 94-unit Parc Seabreeze and the 127-unit Coralis – both freehold developments are in Joo Chiat Road.
Parc Seabreeze was completed in 2012 and the most recent transaction was a subsale in January last year at $1,607 psf.
At Coralis, which was completed last year, the most recent transaction was a subsale in December last year at $1,842 psf.
Consultants said prices and rents in Marine Parade were likely to hold steady or rise, citing its abundance of amenities and proximity to the Katong food belt.
GPS Alliance chief executive Jeffrey Hong added that the limited supply of new private homes would likely help prices hold up over the coming months.
Ms Chow also said prices and rents in Marine Parade could rise further once the Marine Parade station on the future Eastern Region Line is ready.
The line is scheduled to be completed by 2020 and will pass through estates such as Tanjong Rhu, Marine Parade, Siglap, Bedok South and Upper East Coast Road.
Credits Asia One