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News Release

Singapore

Katong property up for sale by estate


SINGAPORE, August 16, 2017 – A freehold site located along Amber Road, has been put up for sale by Expressions of Interest. JLL has been appointed to market the property on behalf of the executors of the estate of the late owner.
This divestment exercise comes shortly following the recent sale of The Albracca, a 10-storey residential development along Meyer Road, which was sold via a collective sale to Sustained Land Pte Ltd for $69.119 million in July. 
Ms. Yong Choon Fah, National Director at JLL, says: “This plot of land stands out as one of the last remaining undeveloped plots along the stretch of Amber Road, a location known for its high-rise apartments and seaside living. The site is located nearby the future Tanjong Katong MRT station, part of the new Thomson-East Coast Line, which is expected to be completed in 2023”.
“Under the 2014 Master Plan, the 22,800 sq ft site is zoned ‘Residential’ with an allowable gross plot ratio of 2.8. It may be redeveloped to accommodate a high-rise apartment development of about 24 to 26 storeys, depending on the technical height controls imposed by government departments,” says Ms. Yong.  
Ms. Yong adds, “The vendors are expecting offers between $56.6 million and $61 million, which reflects an estimated land rate of about $1,199 psf ppr to $1,268 psf ppr. Development charges are currently estimated to be in the region of $20 million, subject to verification.”
Subject to design and approval from the Urban Redevelopment Authority (URA), a developer may potentially configure the allowable gross floor area (GFA) of 63,820 sq ft into a maximum of 84 apartments with an average size of 70 sqm. Depending on the proposed design and orientation of the building, some of the residential units could potentially enjoy partial sea views. 
“A redevelopment project of this scale will appeal to the smaller or mid-sized developers or contractors, as the total land investment quantum, including development charges, would be below $100 million. We anticipate strong interest from developers and investors, both locally and regionally,” says Ms. Yong.

“There are currently four vacant old houses located on site. As Strata Titles Board approval is not req​​uired for the purchase, the successful purchaser can hence take possession of the site upon legal completion, and plan towards marketing or building the project relatively quickly,” added Ms. Yong.

Interested parties are invited to submit their offers by 2.30pm on Thursday, 21 September 2017. 

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Note to editors: 
1. A high-resolution image of the site is available here.