Prices of new condos in Marine Parade remain firm on robust demand
By EdgeProp Singapore
/ EdgeProp Singapore |
Originally named after a promenade near the sea along the East Coast Road, Marine Parade is a popular residential enclave that offers a laidback respite from the hustle and bustle of the city.
With its main attractions being the beach and the sea, the neighbourhood offers a vibrant mix of outdoor activities that include fishing, kayaking, cycling and rollerblading.
Yet, it is conveniently located just a 15 to 20-minute drive to the city centre. By 2024, the Marine Parade estate will also be served by 2 MRT stations along the new Thomson-East Coast Line (TEL), making travelling to and fro the estate more convenient than ever.
Given these factors, it is no wonder that new homes in the area have remained popular with homebuyers despite weakened home-buying sentiment that followed the property cooling measures that were rolled out in 3Q2018.
Prices and transaction volume of new home sales in Marine Parade from 1Q2017 - 1Q2019
Source: EdgeProp.sg, URA
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New projects in Marine Parade between 1Q2018 and 1Q2019
Source: EdgeProp.sg, URA
The cooling measures, which included higher ABSD rates and tighter loan-to-value (LTV) limits, was intended to curb the exuberance in the housing market.
From July 6, 2018, Singaporeans buying a second residential property must pay an additional 12% ABSD on the property value, up from the previous 7%. Permanent residents (PRs) buying a second home now pay 15% compared to the previous 10%. Meanwhile, foreign buyers without permanent residency status must fork out 20%, instead of 15%.
While take-up rates of new projects have slowed following the implementation of higher ABSD rates, continued demand for homes in the area suggests that homebuyers and investors continue to see properties within Marine Parade as an attractive value proposition.
The resilience in pricing of new private homes are also an affirmation that projects with good locations and accessibility will continue to be well-received.
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