During Singapore’s recent collective sale, Amber Park, a development in 200 units has been sold to two giant companies around the private entity held Group, the Hong Leong Group for a lucrative price of S$906.7 million.
The sale involved units which are listed under the City’s Development wholly -owned supplementary Hong Realty and City Development. Hong Realty is the popular private property development arm of the rich Hong Leong Group and controls 20 percent share of the project.
Covered behind the Master Plan of 2014, the Amber Park which measures 213,670 sq ft is set for residential services, with 2.8 total plot ratio. There is a plan for redevelopment to cater skyscraper apartment, more or less from 26 to 24 storeys, depending on the approved technical heights requested spared by the authorities.
The regional director of JLL, Tan Hong Boon, released a statement last October 04, on how the tender was “intensively contested ” and caught eight bids.
The winning huge sale price which reached to S$906.7 million defines an area rate close to S$1,515 per sq ft per plot ratio, under an allowable 2.8 total plot ratio development charges not payable over recommended redevelopment.
Unbelievably, the fourth time that a real property was given the chance for a collective sale.
Mr Tan, further explained, “There is less site similar in terms of the area that is best for redevelopment within the premises of Amber Road because often huge development projects were sold en bloc and after which redeveloped over succeeding years. Possibly, Amber Park might be the last few collective sale site area which measured 200,000 sqft around the region.”
With this figure, the owners anticipate receiving great sale returns from S$8.3 million and S$4.3 million each.
On the other side, CDL revealed that locals of District 15 are aware of the famous development on Amber Park of 200 units which were fully accomplished way back 1986.
Hong Realty and CDL proposed to redevelop the area into a luxurious condominium which will hold four 25-storey blocks and more or less 800 units and a parking area but subject to approval yet. A lot of the apartments will be positioned facing North-South direction and the rest faces sea views.
Sherman Kwek, chief executive -designate stressed that Amber Park’s tender won the reputation of being the greatest significant property investment transaction in Singapore’s residential property market of the era.
“CDL is the very first developer of Amber Park, way back 1980s and it is a great honour and privilege to redevelop the area into a great iconic landmark. In addition to its amazing physical attributes, a unique advantage of this development is being a freehold property, something which is becoming uncommon these days in Singapore,” told Mr Kwek.