CapitaLand says it has signed a sale and purchase agreement to acquire Marine Point condo for $100.68 million through a collective sale to redevelop the property into a condominium with 150 units, comprising one-bedroom plus study and two-bedroom apartments.

Located along Marine Parade Road, Marine Point sits on a 51,185 sqft freehold site with a maximum gross floor area of 107,488 sqft. The Marine Point site is located along Marine Parade Road, opposite the bustling Marine Parade Town Centre and Parkway Parade shopping mall.

Inclusive of an estimated development charge of $12.8 million, the total acquisition cost works out to $1,056 per square foot per plot ratio.

Wong Heang Fine, CEO of CapitaLand Residential Singapore, says: “The Marine Point site will be a valuable addition to our development portfolio. The freehold site enjoys a popular District 15 address, and is within close proximity to East Coast Park, good schools and amenities. 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. We plan to have the new development ready for launch in the first half of 2012. We are confident that we will see strong buyer support from young families as well as professionals who have grown up in the area. We will continue to acquire sites where we can add value, and build well-designed homes for homebuyers.”