Inside the $1.38m record sale of a waterfront renovated jumbo flat in Marine Drive Gardens

It's been a bit quiet on the property front in Marine Parade lately, hasn't it? The last buzz we heard was when the Long Island plan was unveiled back in December 2023.

However, there's some notable news stirring now. The spotlight is back on Marine Parade with the recent sale of a jumbo flat at a record-breaking price of S$1.38 million in Marine Drive Gardens.

Record S$1.38m renovated jumbo flat in Marine Drive Gardens

Transacted by Vincent Tay (ERA Realty Network) who is a 99 Group Member, the property in question is nestled in Block 64 Marine Drive Gardens, on the 10th floor. Featuring a generous size of 1,690 sq ft, the jumbo flat commands a price per square foot (psf) of S$816.57.

Notably, Marine Drive Gardens, one of HDB's oldest projects, attained its Temporary Occupation Permit (TOP) in 1976, rendering this unit 48 years old with a remaining lease of 51 years on its 99-year tenure.

In 2022, the title for the highest sale price in the vicinity was held by a property in Block 1 Marine Terrace, which was sold for S$1.08 million. Spanning 1,313 sq ft (smaller than the current sale's 1,600+ sq ft), it fetched a psf of S$822.

Comparatively, the recent transaction is 27.78 per cent more expensive than the previous record holder.

With only about 50 years left on the lease, was the purchase worth it?

So, here is the S$1.38 million dollar question — was this purchase a wise investment, especially with about only 50 years left on the lease? To answer that, let's take a close look the property's location:

To start with, Marine Drive Gardens enjoys an enviable location, just a short, sheltered five-minute stroll from the upcoming Marine Parade MRT station (Thomson East Coast Line), set to open its doors on June 23. Adding to its accessibility are the nearby Marine Terrace MRT and Tanjong Katong MRT stations.

Moreover, the spacious layout of the jumbo flat, with its four bedrooms and two bathrooms, suggests it's perfect for families.

Situated within a 1-kilometre radius of renowned primary schools like Tao Nan School, Ngee Ann Primary, Tanjong Katong Primary, and CHIJ Katong Primary School, it's an ideal choice for families with school-going children. But if you're looking for other options, there are plenty of schools nearby, including:

• EtonHouse International School
• Shaws Preschool @ Mountbatten Road
• United World Preschool
• Tung Ling Preschool
• Zhingcheng Private School
• Haig Girls' School
• The Schoolhouse by Busy Bees
• 5 steps academy
• RG Channel Future School
• PCF Sparkletots @ Marine Parade Blk 46
• Kong Hwa School
• St. Stephen's School
• St Patrick's School

For daily essentials, FairPrice Finest at Marine Parade Central and Parkway Parade Mall are conveniently situated within a brief 3-minute and 7-minute walk, respectively.

Meanwhile, for nearby hawker centres, you'll find a variety of options including 50A Marine Terrace Market, Marine Parade Central Market and Food Centre, Dunman Food Centre, Geylang Serai Malay Market and Food Centre, Haig Road Market Centre and Old Airport Road Food Centre.

In terms of recreation and entertainment, Paya Lebar Square, Paya Lebar Quarter, Singpost Centre, Parkway Parade and i12 Katong serve as lively hubs, offering an array of family-friendly activities and dining options, while the nearby East Coast Park offer ample opportunities for outdoor activities and relaxation.

But what truly sets this property apart is its breathtaking view overlooking East Coast Beach, offering a delightful mix of waterfront tranquillity and lush greenery from East Coast Park. It's a serene escape amidst the bustling cityscape.

Looking ahead, the URA's Long Island Master Plan promises to inject further vitality into the area, with plans for housing, leisure, and recreational facilities likely to bolster property values.

An inside look into the S$1.38m jumbo flat renovated five years ago for S$200k

Now, shifting our focus from the property's exterior, let's step inside and explore its interiors.

Luxurious master suite

Ever dreamed of having a walk in closet? The master suite in this property makes it a reality. With a walk-in wardrobe, his-and-hers bathroom vanities, and a spacious walk-in shower, it's a serene sanctuary seems like the perfect setting for residents to unwind and rejuvenate after a long day.

Integrated workspace

Recognising the importance of remote work and study arrangements, the jumbo flat includes a dedicated integrated workspace. This area is thoughtfully designed to promote productivity and concentration, offering residents a conducive environment for professional or academic pursuits.

Enclosable gourmet kitchen

Perfect for culinary enthusiasts with a passion for cooking, the gourmet kitchen of this jumbo flat has top-of-the-line appliances and a 5.2m-long worktop for food preparation. Its enclosable design also allows residents to contain those pesky cooking odours while maintaining a clean and organised environment.

Premium fittings and finishings

Throughout the residence, premium fittings and finishings enhance the aesthetic appeal and functionality of the living space. These include Dekton countertops, Italian-origin flooring, Hansgrohe sanitary ware, and Blum hinges and drawer systems.

Double-glazed windows for comfort and tranquillity

These windows let in plenty of natural light, creating a bright and airy atmosphere while also letting refreshing sea breezes flow through. Plus point? They're also designed to reduce external noise, ensuring a peaceful and calm environment inside your home.

Modern renovation and upgrades

A recent renovation has ensured that this jumbo flat meets the demands of modern living. Upgrades to the electrical system, gas, and water pipes, along with the installation of concealed storage solutions, contribute to a contemporary and clutter-free living environment.

Circling back to the question at hand…

Despite the shorter lease, it seems like the buyer deemed the property worth its S$1.38 million price tag, primarily due to its strategic location and abundance of amenities nearby.

Also, it's likely that the modern interior renovations, coupled with the convenience of nearby schools and recreational facilities, played a large role in the buyer's decision-making process as well.

ALSO READ: Another $1.5m all-time high for Bishan HDB flat in the same month

This article was first published in 99.co.