Is CapitaLand’s luxury condo Marine Blue worth the wait?

The project is grappling with dim prospects.

CapitaLand’s luxury freehold condominium development Marine Blue, located in District 15’s Marine Parade area, is finally set to be launched this month after weak market sentiment caused its soft launch to be delayed for over a year.

However, analysts are cautious about the project’s prospects, as Marine Blue is substantially pricier compared to other developments in the area.

According to a report by Square Foot Research, Marine Blue’s launch price is expected to range from $1,800psf and $2,200psf, or an average of $2,000psf.

“This is 40% higher than the median price of units sold in the past 6 months from projects located within 250m. Within the immediate vicinity, there was only 1 transaction, a 1,378-sqft apartment unit from Parc Seabreeze sold in August this year, that broke the $2,000psf mark,” stated the report.

The report also cautioned that demand for Marine Blue may further be hit by declining interest from foreign buyers, who typically make up the bulk of buyers for projects in the area.

“In the case of (neighboring project) Silversea, Singaporeans only account for 26.5% of total purchases.
Demand for Marine Blue may be further dampened due to the declining interest from non-Singaporeans who will have to pay Additional Buyer’s Stamp Duty (ABSD) of up to 15% for purchases of residential properties,” the report noted.