The freehold project will feature smart homes and is located near the upcoming Tanjong Katong MRT station.
Amber Park, which previewed over the weekend, will likely launch on 4 May, with indicative prices from $2,160 per sq ft (psf), reported Singapore Business Review citing DBS Group Research.
The 529-unit freehold condo is being developed by City Developments Limited (CDL) along with joint venture partner Hong Realty (Private) Limited.
Rachel Tan, analyst at DBS Group Research, noted that nearby developments have transacted at comparable prices. For instance, units at Coastline Residences transacted at an average selling price of $2,450 psf, while units at Amber45 have an average price of $2,365 psf.
With these pricing benchmarks, the research house estimates that the average selling price at Amber Park could range from $2,400 to $2,600 psf.
According to DBS Group Research’s Tan, a steady crowd was observed during the project’s preview. Tan said: “We understand that it was a lot more crowded on Saturday. Judging by the BMWs, Merc, Porsches and even a Maserati at the parking lots, we believe that the project launch has attracted the attention of the ‘well-heeled’ and discerning property buyers in Singapore.”
Although local interest came from residents around the area in search for second property, “there was also interest from Chinese buyers looking for larger units”, she said.
However, unlike most developments where bigger premium units enjoy better facing, units with nicer facing at Amber Park were mostly smaller sized units, she opined.
With one bedroom units priced from $1 million and three-to-four bedroom from $2.2 million and $3.6 million respectively, the developer is aiming to reach out to a good mix of potential tenants and families.
However, Tan raised that the project – which will comprise smart homes – is likely to be affordable to “a very select few in Singapore” even if it is located within a three-minute walk to the upcoming Tanjong Katong MRT station.
The project is also surrounded by various lifestyle amenities, including Katong Shopping Centre, 112 Katong, Parkway Parade, and Katong Plaza.
With the East Coast area being one of the most desirable areas to live in, there is little wonder why prices in the area remain higher. Get more pricing insights of the area with our AreaInsider guide.
Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org