Amber Park in Singapore which covers a 200-unit development in Amber Gardens has been sold to two privately owned companies. The Hong Leong Group purchased Amber Park for a value estimated to be S$906.7 million.
Among the units involved in Singapore’s latest collective sale of Amber Park are listed Hong Reality and the City Developments’ fully-owned subsidiary Cityzens Developments(CDL). Hong Reality as a shareholder of this project holds a 20% stake. Besides, it is the private real estate branch of the Hong Leong Group.
According to the 2014 Master Plan, the Amber Park site(approximately 213,670 sq ft) is meant for residential use. The gross plot ratio was to be 2:8. Depending on the technical height regulations imposed by concerned authorities, Amber Park Site may be renovated and developed so that it can sustain the increase apartment development of about 24-26 storeys.
In a statement, on Wednesday,4th of October, Mr.Tan Hong Boon(regional director at JLL) said that so far they have received eight bids for tender. He also claimed that the bids for tender is very competitive and it is keenly contested.
Sources indicate that the value(S$906.7 million) under which Amber Park was sold translates to a land rate of around S$1,515/sq ft per plot ratio. This is in reference to the initial gross plot ratio of 2:8. Remember, development fees are not payable for the proposed development. History shows that this the 4th time that Amber Park was offered for sale collectively.
Mr.Tan in his statement claims that apart from Amber Park Site in Amber Road location, there are no many sites of the same size that are there for redevelopment in Singapore. He says that majority of the bigger projects have been sold en bloc. They have also been redeveloped for the last couple of years.Mr.Tan also noted that there is a high chance of Amber Park being one of the last collective sale sites that has a land area of over 200,000 sq ft in the city.
Under the sale which the Park was sold, its owners anticipate getting gross sale proceeds that range from S$4.3 million to S$8.3 million for every owner. Elsewhere, CDL claims that is conversant with the District fifteen locale.CDL is proud of itself by developing the current 200 unit Amber Park in 1980s and finished it in 1986.
Hong Reality and CDL are planning to redevelop Amber Park Site to become a want way destination for people in Singapore. The site will consist of four storey building that has up to 800 units with a basement carpark. This proposal is subject to approval. Majority of apartments will comprise of a North to South facing orientation. Most units will also have commanding sea views.
Mr.Kwek Sherman( CDL C.E.O/designate) noted that when they won tender for redeveloping Amber Park in 1980s, it was one of the most vital investment deals in the country of Singapore residential market in recent times. He says that they were honored to redevelop the site into an iconic landmark(for the opus) that offers freehold status in Singapore.