- Shin Min Daily News
Freehold development Amber Park has been sold via collective sale to CDL subsidiary Cityzens Development and Hong Realty for $906.7 million, reflecting a land rate of $1,515 psf per plot ratio
This is the fourth time that the 200-unit development near Marine Parade was offered for collective sale, and owners are expected to receive between $4.3 million and $8.3 million in gross sale proceeds.
The 213,670 sq ft residential site may be redeveloped to accommodate a high-rise apartment development of around 24 to 26 storeys, depending on the technical height controls, its sole marketing agent JLL said.
JLL’s regional director Tan Hong Boon said the tender attracted eight submissions.
He also said that the sale now holds the record as Singapore’s largest freehold collective sale by dollar value.
“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 sq ft in this precinct,” he added.