Oxley buys Ampas Apartment en bloc for $95 mil, 10% below asking price
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Singapore Exchange-listed property developer Oxley Holdings has bought the 43-unit, freehold Ampas Apartment on Jalan Ampas, off Balestier Road. The 30,239 sq ft en bloc site was sold by private treaty for $95 million, 10% below the asking price of $105 million.
The land price translates into $1,073 psf ppr, based on a GFA of 84,669 sq ft, which includes a 10% bonus balcony area. Ampas Apartment has a 2.8 plot ratio under the 2014 Master Plan.
The purchase is subject to, among other things, written confirmation that a Pre-Application Feasibility Study is not required to redevelop the site. The en bloc sale was brokered by Huttons Asia.
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