Capitaland: Acquires Marine Point for S$100.7m and plans to redevelop site into condo with 150 units of 1-2 bedroom apts. The est cost including a $12.8m dev charge works out to $1,056 per sq ft per plot ratio. Marine Point is located along Marine Parade Rd opp Parkway Parade shopping mall, with 32 apt of current gfa 107.5 sq ft…
The transaction is expected to take place in 3Q 2011. Neighbouring Parc Seabreeze went for S$1256-1430/psf btwn Oct-Nov 2010. Co now trades at 1.15x P/B, average of property counters at approx 1.09x.
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