SINGAPORE – Amber Park, a 200-unit development in Amber Gardens, had successfully sold in Singapore’s recent collective sale after the 4th attempt of offers. It is deal to two companies within the privately-held Hong Leong Group for S$906.7 million.
The units involved in the sale are recorded City Developments’ wholly-owned subsidiary Cityzens Development and Hong Realty. Hong Realty is the private real estate arm of the Hong Leong Group and holds a 20 per cent stake in the project.
Under the 2014 Master Plan, the 213,670 sq ft Amber Park site is zoned for private use, with a gross plot ratio of 2.8. It may be redeveloped to suit a high-rise apartment development of around 24 to 26 storeys, depending on the specialized height controls imposed by the relevant authorities.
Mr Tan Hong Boon, regional director at JLL, said in a announcement on Wednesday (Oct 4) that the tender was “distinctly challenged” and attracted eight bids.
The successful sale price of S$906.7 million reflects a land rate of about S$1,515 per sq ft per plot ratio, in the view of the allowable gross plot ratio of 2.8. Development charges are not payable for the proposed redevelopment.
“There are not many sites of similar size that are available for redevelopment in the Amber Road location, as most of the larger projects have been sold on collective sales and redeveloped throughout the years. Amber Park could possibly be one of the last collective sale sites with a land area above 200,000 sqft in this precinct,” noted Mr Tan.
“At this sale price, the owners would expect to receive gross sale proceeds of between S$4.3 million and S$8.3 million each.”
CDL and Hong Realty intend to redevelop the site into a luxury condominium development comprising four 25-storey blocks with close to 800 units and a underground carpark, subject to approval. Most apartments will have a North-South facing orientation, with numerous units commanding sea views.gtyf7tr
“CDL was the original developer for Amber Park in the 1980s and we are honoured to be able to redevelop the site into yet another iconic landmark. In addition to its strong locational attributes, a distinct advantage of this site is its freehold status, something that is increasingly rare in Singapore,” said Mr Kwek.
Source: http://www.straitstimes.com/business/property/cdl-snaps-up-amber-park-for-9067m-setting-new-record-for-freehold-en-bloc-sale
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