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Amber Park sold for S$906.7m to CDL in largest freehold enbloc sale by dollar value

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The sale was made to a joint venture of CDL’s subsidiary Cityzens Development and Hong Realty by sole marketing agent JLL, a real estate services firm.

CITY Developments Limited (CDL) has successfully acquired Amber Park, a 200-unit, 213,670 square feet residential development at Amber Gardens for S$906.7 million.

An 80:20 joint venture (JV) of CDL's subsidiary Cityzens Development and Hong Leong Group's private real estate arm Hong Realty clinched the keenly contested tender, which attracted eight bidders.

The owners can expect to receive between S$4.3 million and S$8.3 million from the enbloc sale, said Tan Hong Boon, regional director at JLL. The property consultancy was the sole marketing agent on the sale.

The site has an allowable gross floor area (GFA) of about 598,290 sq ft.

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With a plot ratio of 2.8, the price works out to S$1,515 per square foot per plot ratio (psf ppr).

"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," said Mr Tan, adding Amber Park could possibly be one of the last collective sale sites with a land area above 200,000 sq ft in District 15, where it is located.

Subject to regulatory approval, CDL and Hong Realty intend to redevelop the site into four 25-storey luxury condominiums, with almost 800 units and containing a basement car park. According to the developers, most units will command a sea view and have a North-South facing orientation.

CDL highlighted that a key selling point is the 2023 completion of the nearby Tanjong Katong MRT station, which will be located 200 metres from the site. Nearby amenities include Parkway Parade and I12 Katong shopping centres, with easy access to the central business district via the East Coast Parkway (ECP) expressway.

The site is also near popular schools, with Tanjong Katong Primary School, Tao Nan School and Victoria Junior College among those within the vicinity.

"This is one of our most significant investment deals in the Singapore residential market in recent years. CDL was the original developer for Amber Park in the 1980s and we are honoured to be able to redevelop the site into yet another iconic landmark. In addition to its strong locational attributes, a distinct advantage of this site is its freehold status, something that is increasingly rare in Singapore." said Sherman Kwek, CDL CEO-designate.