Aerial view of the freehold site at Amber Road, which has been put up for sale at a guide price of between $56.6 million and $61 million. (Photo: JLL)
A freehold site in Katong comprising four vacant old houses has been put up for sale by expressions of interest (EOI), said JLL, which is marketing the property on behalf of the executors of the late owner’s estate.
The 22,800 sq ft site is sandwiched between the Amber Skye and 16 @ Amber condominiums along Amber Road, and is close to the future Tanjong Katong MRT station on the Thomson-East Coast Line.
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“This plot of land stands out as one of the last remaining undeveloped plots along the stretch of Amber Road, a location known for its high-rise apartments and seaside living,” said Yong Choon Fah, National Director at JLL.
She revealed that the vendors expect offers of between $56.6 million and $61 million, which works out to a land rate of about $1,199 to $1,268 psf per plot ratio. The development charge is estimated to be in the region of $20 million.
“We anticipate strong interest from developers and investors, both locally and regionally,” Yong said.
Zoned residential with an allowable gross plot ratio of 2.8 under the 2014 Master Plan, the site could be redeveloped into a high-rise apartment of about 24 to 26 storeys, depending on height controls imposed by the government.
A developer may potentially configure the allowable gross floor area of 63,820 sq ft into a maximum of 84 apartments with an average size of 753 sq ft. Some of the units could offer partial sea views, with the future project commanding an average price of about $2,000 psf, said Yong.
The EOI exercise for the Amber Road property will close on 21 September 2017.
JLL also brokered the recent sale of The Albracca, a 10-storey residential project at nearby Meyer Road, which was sold collectively to developer Sustained Land for $69.119 million in July.