Amber Park Sold For $906.7 Million In Record Freehold En Bloc Sale
SINGAPORE: Amber Park, a 200-unit freehold condominium in Katong, has been snapped up for S$906.7 million in Singapore’s largest freehold collective sale by dollar value, marketing agent JLL said on Wednesday (Oct 4).
The condominium, which was built in 1986, was bought by City Developments Ltd (CDL), through its wholly-owned subsidiary Cityzens Development, and joint-venture partner Hong Realty.
Being the fourth time that Amber Park has been put up for sale, the sale came when the local en bloc market had continued to heat up, with the tender for Amber Park receiving as many as eight bids.
The sale price reflects a land rate of about S$1,515 per sq ft per plot ratio, based on the allowable gross plot ratio of 2.8. At this sale price, the owners had expected to receive a gross sale proceeds of between S$4.3 million and S$8.3 million.
Subject to approval, CDL and Hong Realty plan to redevelop the new freehold Amber Park Condo along Amber Gardens and Amber Road into a luxury condominium development comprising four 25-storey blocks with close to 800 units and a basement carpark. The current site has an area of 213,675 sq ft, and an allowable gross floor area of about 598,290 sq ft.
En bloc seems to be the rage in the first half of 2018. The price points out that there are still developers out there that are still hungry for land and what’s happening at the Government Land sales during that time does not suffice to appease their hunger. Developers are also looking forward instead of backward pricing, that is why such competitive bids were coming through.
The Amber Road area is an established private residential enclave that enjoys a strong following from both locals and expatriates alike, due to its proximity to the central business district, East Coast Park and the airport.
The site is also within 1km to Tanjong Katong Primary School and 2km to CHIJ (Katong) Primary, Haig Girls’ School, Kong Hwa School and Tao Nan School, which are popular primary schools.
Connectivity will be further enhanced when Tanjong Katong MRT station, located about 200m from the site, is completed in 2023.
Source: Channel News Asia
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