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Amber Park up for collective sale for at least S$768m
AMBER Park, a collective sale site along Amber Road, has been launched for sale by tender by sole marketing agent JLL at a minimum price of S$768 million or about S$1,284 psf per plot ratio.
The company on Monday says the property that is built in the mid-1980's comprises 200 units housed in two 27-storey apartment blocks.
More than 80 per cent of the owners have consented to the collective sale at the minimum price.
Under the 2014 Master Plan, the 213,670 sq ft site is zoned "Residential" with a gross plot ratio of 2.8. It may be redeveloped to accommodate a high-rise apartment development of around 24 to 26 storeys, depending on the technical height controls imposed by the relevant authorities.
Tan Hong Boon, regional director at JLL, says the site "could possibly be one of the last collective sale sites with a land area above 200,000 sq ft in this precinct".
"As far as we know, the last site with a land area above 200,000 sq ft that was transacted in this location was that of the ex-HUDC Amberville in 2006, which has now 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," he adds.
The site has a high development baseline and is thus insulated from the half-yearly development charge rate revisions by the chief valuer, with the next hike expected on Sept 1, 2017, Mr Tan says.
The tender closes on Tuesday, Oct 3, 2017, at 2.30pm.
Last week, owners of Sun Rosier condominium launched a tender for collective sale and are asking S$235 million for the freehold site along How Sun Drive. Others going for en bloc include ex-HUDC estate Florence Regency and Normanton Park.