The owners of Amber Park are in for a windfall of between 4.3 million to 8.3 million following the successful bid by Singapore developers, City Developments Limited (CDL) and its joint venture partner Hong Realty at $906.7 million.
Located in the prime private residential area of East Coast, Amber Park spans over 213,670 square feet on land. The 200 unit developer in Amber Gardens area was completed in 1986. The redeveloped site allows its buildings tower at around 24 to 26 storeys with a plot ratio of 2.8. The land rate is at $1,515 per square feet per plot ratio.
Its proximity to Singapore’s central business district, East Coast Park and Changi Airport have attracted many locals and expatriates. Amenities are plentiful in the private residential estate and reputable schools such as Tanjong Katong Primary School, CHIJ (Katong) Primary, Haig Girls’ School, Kong Hwa School and Tao Nan School are nearby. The upcoming MRT station, Tanjong Katong MRT Station of East Coast MRT Line is 200 metres from Amber Park site and is expected to complete in 2023.
Keen interest on this freehold developer was shown, through the eight bids received during the tender of sale by JLL. This is the fourth time that the condominium was offered for sale. The developers are expected to redevelop the site into a luxury condominium compromising of four 25 storey buildings with approximately 800 units.
Continuing the current trend of en bloc deals in Singapore, the sale of Amber Park signals a possible real estate market price reversal. Developers are more optimistic on the outlook and are actively stocking up on lands offered by enblocs developments and Government Land Sales (GLS).
Another development, Jervois Gardens in River Valley has been sold to SC Global, This freehold development of 2 low rise blocks of 14 maisonettes and three apartments was sold at $72 million. Evach owner is expected to receive $3.3 million to $4.5 million. The redeveloped site is expected to yield 50 to 70 new homes at 52,419 square feet of total floor area.