FOR IMMEDIATE RELEASE
27 January 2011
NEWS RELEASE
CapitaLand acquires Marine Point in the popular
Marine Parade residential neighbourhood for redevelopment
Latest acquisition brings pipeline to over 2,600 homes in Singapore
Singapore, 27 January 2011 – CapitaLand has signed a Sale and Purchase agreement to
acquire Marine Point for a consideration of S$100.68 million through a collective sale. Inclusive
of an estimated development charge of S$12.8 million, the total acquisition cost works out to
S$1,056 per square foot per plot ratio. CapitaLand plans to redevelop the site into a distinctive
condominium with 150 units, comprising one-bedroom plus study and two-bedroom apartments.
This will bring CapitaLand's pipeline of homes in Singapore to a total of over 2,600 units.
Located along Marine Parade Road, Marine Point sits on a 4,755-square-metre (51,185 square
feet) freehold site with a maximum gross floor area of 9,986 square metres (107,488 square feet).
There are 32 apartments in the existing development. The completion of the transaction,
expected to take place in the third quarter of 2011, is subject to the approval of the Strata
Titles Board.
Mr Wong Heang Fine, CEO of CapitaLand Residential Singapore, said: “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.”
The Marine Point site is located along Marine Parade Road, opposite the bustling Marine Parade
Town Centre and Parkway Parade shopping mall. Residents will benefit from the conveniences
of a host of retail, F&B and entertainment facilities minutes away from the development. It is
also within walking distance to East Coast Park, a popular seaside getaway for leisure and
water sports.
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The site is near established schools including the reputable Tao Nan School, CHIJ (Katong)
Primary, Tanjong Katong Girls’ School, Ngee Ann Primary School, Victoria School and Victoria
Junior College. It offers good connectivity to the rest of Singapore as it is well-served by many
bus services, and major roads and expressways such as the East Coast Parkway that leads to
the city centre and to Singapore Changi International Airport.
In the eastern part of Singapore, CapitaLand will also have the Bedok Town Centre site ready for
launch this year. There will be approximately 500 apartments in the development, which is
located above a shopping mall. It will provide a new and dynamic residential and shopping
destination in the heart of the Bedok transportation hub, and enjoys direct access to the Bedok
MRT station as well as the future bus interchange.
About CapitaLand Limited (www.capitaland.com)
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in
Singapore, the multi-local company's core businesses in real estate, hospitality and real estate
financial services are focused in growth cities in Asia Pacific and Europe. The company's real
estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced
residences and mixed developments spans more than 110 cities in over 20 countries.
CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial
skills and extensive market network to develop real estate financial products and services in
Singapore and the region. The listed entities of the CapitaLand Group include Australand,
CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust,
CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.
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Issued by:
Date:
CapitaLand Limited (Co. Regn: 198900036N)
27 January 2011
Analyst Contact
Harold Woo
SVP, Investor Relations
Tel: +65 68233 210
Email: harold.woo@capitaland.com
Media Contact
Nicole Neo
VP, Corporate Communications
Tel: +65 68233 218
Email: nicole.neo@capitaland.com
Sonia Meyer
Corporate Communications Manager
Tel: +65 68233 510
Email: sonia.meyer@capitaland.com
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