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Singapore

Amber Road site sold for $906.7 million in collective sale

Singapore’s largest freehold collective sale by dollar value


SINGAPORE, 4 October 2017 – Amber Park, a 200-unit development at Amber Gardens, has just been sold via a collective sale exercise to Cityzens Development Pte Ltd and Hong Realty (Private) Limited by sole marketing agent, JLL. This is the fourth time that the property was offered for sale collectively.

Under the 2014 Master Plan, the 213,670 sqft site is zoned 'Residential' with a gross plot ratio of 2.8. It may be redeveloped to accommodate a high-rise apartment development of around 24 to 26 storeys, depending on the technical height controls imposed by the relevant authorities.

The Amber Road area is an established private residential enclave that enjoys a strong following from both locals and expatriates alike, due to its proximity to the Central Business District (CBD), its appeal of being only minutes' walk to the beach at East Coast Park and the ease to the airport.

Mr. Tan Hong Boon, Regional Director at JLL says: "The tender was keenly contested and attracted as many as eight tender submissions. The successful sale price of $906.7 million reflects a land rate of approx. $1,515 psf per plot ratio, based on the allowable gross plot ratio of 2.8. Development charges are not payable for the proposed redevelopment".

"Amber Park's successful sale now holds the record as Singapore's largest freehold collective sale by dollar value," adds Mr. Tan.

"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 en bloc and redeveloped over 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". 

"At this sale price, the owners would expect to receive gross sale proceeds between $4.3 million and $8.3 million," says Mr. Tan.