View of Amber Park, which is expected to be redeveloped into a high-rise project with sea views. (Photo: JLL)
The collective sales market continues to roll on with two freehold residential developments – Amber Park and Jervois Gardens – launched for tender.
Located along Amber Road in Katong, Amber Park comprises 200 units and was built in the mid-1980s. The future Tanjong Katong MRT station on the Thomson-East Coast Line is located within walking distance.
SEE ALSO: Katong property up for sale
More than 80 percent of the owners consented to the sale at a minimum price of $768 million. This works out to a land rate of approximately $1,284 psf per plot ratio (psf ppr), based on the allowable gross plot ratio of 2.8.
The 213,670 sq ft site is zoned residential under the 2014 Master Plan and could be redeveloped into a high-rise apartment of around 24 to 26 storeys with several sea-facing units, depending on height controls imposed by the government.
“The last site with a land area above 200,000 sq ft that was transacted in this location was that of the ex-HUDC Amberville in 2006, which has now been redeveloped into Silversea,” said Tan Hong Boon, regional director at marketing agency JLL.
He added: “Subject to design and approval from the Urban Redevelopment Authority (URA), a developer may potentially configure the allowable gross floor area of 598,300 sq ft into close to 800 apartments with an average size of 70 sq m (753 sq ft).”
Meanwhile, the asking price for Jervois Gardens at Jervois Road is in the region of $68 million, or $1,297 psf ppr, said marketing agent Colliers International. Each owner is expected to get between $3 million to above $4 million from the collective sale.
The 34,038 sq ft site comprises a total of 14 maisonettes and three apartments. It is located near the Tiong Bahru and Redhill MRT stations on the East-West Line.
Zoned for residential use with a plot ratio of 1.4 under the 2014 Master Plan, the site could be re-developed into a five-storey project comprising 60 units of approximately 850 sq ft each, subject to approval by the URA.
“Freehold sites are hard to come by in the current market and developers’ landbanks are steadily depleting. Jervois Gardens offers developers the opportunity to build well-designed affordable two- and three-bedroom apartments in prime district 10,” said Tang Wei Leng, managing director at Colliers.
According to the consultancy, the selling price of newer projects in that area which are largely leasehold, such as Mon Jervois, Principal Garden, The Crest and Alex Residences are in the region of $1,900 psf to $2,350 psf.
The tender exercise for Jervois Gardens and Amber Park will close on 26 September and 3 October respectively.