12 Amber Road aerial view
A freehold location in Katong consist of four unoccupied old houses has been raised for sale by EOI (expressions of interest), mentioned the JLL, that is selling the property in favor of the trustees of the late owner’s estate.
The 22,800 square feet area is inserted amidst the 16 @ Amber and Amber Skye condos beside Amber Road, and is near to the upcoming Tanjong Katong MRT station along the Thomson-East Coast Line.
“This scheme of land positions as one of the last outstanding undeveloped conspiracies along the area of Amber Road, a site recognized for its seaside living and high-rise apartments,” said the JLL’s National Director, Yong Choon Fah.
She exposed that the sellers expect bids of between $56.6 million and $61 million, that perhaps works out to a land proportion of around $1,199 to $1,268 psf for each plot ratio. The property rate is projected to be around $20 million.
“We expect strong interest from investors and developers, both regionally and locally,” Yong said.
Zoned residential with an acceptable gross plot ratio of 2.8 underneath the 2014 Master Plan, the location could be renovated into a high-rise apartment of around 24- 26 storeys, relying on height controls executed by the government.
A developer may possibly arrange the tolerable gross floor area of 63,820 square feet into a maximum of 84 apartments with a typical size of 753 square feet. Few of the units could propose limited sea views, with the upcoming project imposing an average amount of around $2,000 psf, added Yong.
The EOI (expressions of interest) workout for the Amber Road development will end on September 21, 2017.
JLL as well brokered the current sale of The Albracca, a classic 10-storey residential development at nearby Meyer Road, that was sold jointly to developer Sustained Land for just $69.119 million in July.
