Amber Park launched for collective sale at $768 mil

/ EdgeProp
August 28, 2017 5:32 PM SGT
Image source: JLL
Amber Park has been launched for collective sale at a reserve price of $768 million, according to sole marketing agent JLL. The reserve price reflects a land rate of approximately $1,284 psf per plot ratio.
Completed in 1986, the freehold Amber Park comprises 200 units across two 27-storey blocks. Under the 2014 Master Plan, the 213,670 sq ft site is zoned ‘residential’ with a gross plot ratio of 2.8, according to JLL. It can be redeveloped into a high-rise apartment development of around 24 to 26 storeys, depending on the technical height controls imposed by the relevant authorities. Development charges are not payable for the proposed redevelopment.
Amber Park is located within walking distance to shopping malls and amenities such as Parkway Parade, Marine Parade Central, i12 Katong, and the East Coast Park. It is less than 200m away from the future Tanjong Katong MRT station.
Mr. Tan Hong Boon, Regional Director at JLL, says that Amber Park could possibly be one of the last collective sale sites of above 200,000 sq ft in the area.
“As far as we know, the last site with a land area above 200,000 sq ft that was transacted in this location was the ex-HUDC Amberville in 2006, which has been redeveloped into Silversea. Furthermore, Amber Park, with its large land area and freehold tenure, stands out amidst the many ex-HUDC or leasehold collective sale sites that are presently being marketed,” says Tan.
He adds that Amber Park has a high development baseline and is therefore, insulated from the half-yearly development charge rate revisions by the Chief Valuer, with the next hike expected on 1 September 2017.
“We expect strong interest for this site,” says Tan. The tender for Amber Park will close on October 3.