Amber Park launched for en bloc sale at S$768 million and above

SINGAPORE - Amber Park, a freehold development along Amber Road in Katong, has been launched for collective sale by tender, sole marketing agent JLL said on Monday (August 28).

Built in the mid-1980s, Amber Park 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 a minimum price of S$768 million, JLL said.

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. Subject to design and approval from the Urban Redevelopment Authority, a developer may potentially configure the allowable gross floor area of about 598,300 sq ft into close to 800 apartments with an average size of about 750 sq ft, said Mr Tan Hong Boon, Regional Director at JLL.

The Amber Road area is an established private residential enclave that enjoys a strong following from both locals and expatriates alike, due to its proximity to the Central Business District as well as its appeal of being only minutes’ walk to the beach at East Coast Park, JLL said.

Mr Tan said: “There are not many sites of similar size that are still available for redevelopment in the Amber Road location, as most of the larger projects have been sold en bloc and redeveloped over the years.”

“This Amber Park 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 amid the many ex-HUDC or leasehold collective sale sites that are presently being marketed,” he added.

The owners’ reserve price of S$768 million reflects a land rate of about S$1,284 psf per plot ratio, based on the allowable gross plot ratio of 2.8, said Mr Tan, who added that development charges are not payable for the proposed redevelopment.

“Amber Park has a high development baseline equivalent to a plot ratio of approximately 2.843. It is, therefore, insulated from the half-yearly development charge rate revisions by the Chief Valuer, with the next hike expected on 1 September 2017,” he said.

Established shopping amenities, popular eateries and cafes are easily accessible, with Parkway Parade, Marine Parade Central, and i12 Katong, all located within walking distance to Amber Park, JLL said. In addition, the residents in the neighbourhood are looking forward to the new Thomson-East Coast Line that is expected to be ready in phases from 2023. The future Tanjong Katong MRT station is located less than 200 metres from the Amber Park site.

The tender for Amber Park closes on Oct 3, JLL said.