The owners are expected to receive between $4.3 million and $8.3 million from the successful sale. (Photo: JLL)
UPDATED: The Amber Park condominium at Amber Gardens has been sold on its fourth attempt at a collective sale to City Developments Limited (CDL) and joint venture partner Hong Realty for $906.7 million, said marketing agent JLL on Wednesday (4 October).
This is Singapore’s largest freehold collective sale by dollar value, and the sale price works out to about $1,515 psf per plot ratio based on the allowable gross plot ratio of 2.8. No development charges are payable for the site.
The 213,670 sq ft site is zoned residential under the 2014 Master Plan. According to JLL, the tender exercise was keenly contested and attracted eight bidders.
Located within an established private residential enclave in District 15, the site is within walking distance to East Coast Park and is a short drive from the Central Business District and Changi Airport.
“Amber Park could possibly be one of the last collective sale sites with a land area above 200,000 sq ft in this precinct,” said JLL’s regional director Tan Hong Boon.
He added: “The owners would expect to receive gross sale proceeds between $4.3 million and $8.3 million.”
In a statement, CDL said it is very familiar with the locale, having developed the 200-unit Amber Park, which was completed in 1986.
It plans to redevelop the site into a luxury condominium comprising four 25-storey blocks with close to 800 units, subject to approval. Many of the units will offer sea views.
“This is one of our most significant investment deals in the Singapore residential market in recent years,” said CDL’s CEO-designate Sherman Kwek.
“In addition to its strong locational attributes, a distinct advantage of this site is its freehold status, something that is increasingly rare in Singapore.”