The owners are expected to receive between $4.3 million and $8.3 million from the successful sale. (Photo: JLL)
The Amber Park condominium at Amber Gardens has been sold via collective sale on its fourth attempt to City Developments Limited (CDL) and joint venture partner Hong Realty for $906.7 million, said marketing agent JLL.
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. It could be redeveloped into a high-rise apartment of around 24 to 26 storeys, depending on the technical height controls imposed by the government.
According to JLL, the tender exercise was keenly contested and attracted a total of eight bidders.
Located within an established private residential enclave, 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.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Source : proppertyguru.com.sg/Property Market
Read more…Amber Park sold en bloc for 6.7m
