A freehold redevelopment site in Katong measuring 22,800 sq ft has been put up for sale via expression of interest (EOI), revealed marketing agent JLL.
Located at Nos. 12/A/B/C/D Amber Road, the site is zoned residential under the 2008 Master Plan and has an allowable gross plot ratio (GPR) of 2.8.
According to JLL, the owners are motivated to sell and are expecting offers in the region of $60 million, or approximately $941 per square foot per plot ratio (psf ppr) before factoring development charges.
Ms Yong Choon Fah, JLL’s National Director of Capital Markets, said the winning developer could build an 80-unit apartment with a total gross floor area of 63,820 sq ft. Some of the units may even offer partial sea views.
The site is close to amenities at Marine Parade and Parkway Parade, while the airport and central business district are a short drive away.
“For a redevelopment up to GPR 2.8, the development charges are estimated to be in the region of $18.47 million. A land price of $60 million would hence work out to a land rate in the region of $1,230 psf ppr,” added Yong.
The EOI exercise will close on 28 July 2015.
Image: 12 Amber Road. (Photo by JLL)