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.
This is the fourth time that Amber Park has been put up for sale. The sale comes as the local en bloc market continues 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, JLL said. At this sale price, the owners would expect to receive gross sale proceeds of between S$4.3 million and S$8.3 million, it added.
Subject to approval, CDL and Hong Realty plan to redevelop Amber Park into a luxury condominium development comprising four 25-storey blocks with close to 800 units and a basement carpark, CDL said in a separate statement. The current site has an area of 213,675 sq ft, and an allowable gross floor area of about 598,290 sq ft.
Mr Tan Hong Boon, regional director at JLL, said: “There are not many sites of similar size that are available for redevelopment in the Amber Road location … Amber Park could possibly be one of the last collective sale sites with a land area above 200,000 sq ft in this precinct.”
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 200m from the site, is completed in 2023.
Mr Sherman Kwek, CDL CEO-designate, said: “This is one of our most significant investment deals in the Singapore residential market in recent years. CDL was the original developer for Amber Park in the 1980s and we are honoured to be able to redevelop the site into yet another iconic landmark.”
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