SINGAPORE – Amber Park, a two-hundred-unit freehold condo in our eastern part of the island have been sold at a whopping $906.7 million, Singapore’s largest estate in perpetuity en-bloc sale in terms of money value.
The freehold development, which was built in the 1980s, was snapped up by City Developments Limited, through their wholly-owned subsidiary Cityzens Development. It is also an 80-20 joint venture with Hong Realty, a subsidiary of Hong Leong Group.
This is the 4th attempt by Amber Park’s committee to put themselves up for sale and it comes at a time when the local marketplace gains momentum in the en-bloc fever. Garnering as many as 8 bidding offers by the industry big boys.
The purchase price reflects a site rate of about $1515psf per plot ratio, establish from the maximum gross plot ratio of 2.8, according to Urban Redevelopment Authority’ Master Plan. Based on the amount sold to CDL and Hong Realty, Amber Park owners will be anticipating a cool compensation of between $4.3 million to $8.3 million. A sudden windfall for most of them, especially those earlier batch of home buyers.
Subjected to relevant authority’s approval, it has been renamed into The Opus Condo @ Amber Gardens, and both City Developments and Hong Leong will be planning to redevelop former Amber Park into a high-end condo development.
Working alongside Top Architects, there will be 4 towers of 25-storey high building structure, housing a total of eight-hundred units and a basement carpark. Amenities within The Opus Condo includes 100 meters swimming pool, fitness corner, gym, BBQ pits, secret gardens, play courts and playgrounds for the young ones. All the amenities and facilities will be within a site area of 213,675 square foot and a maximum gross area of 598,290 square foot.
It will not be resold as a 99-year leasehold but will be retaining its “Estate in Fee Simple” (Freehold) standing, if you do not understand what it means.
According to market watchers, there isn’t many sites of comparable size that are obtainable for future redevelopment around the Amber Road vicinity. Former Amber Park could probably end up being one of the last en-bloc sale with a strata area of more than 200,000 square foot in amber road.
The location here is a matured and private neighbourhood, already a champion locale by itself with a non-exhaustive choice of F&B and entertainment options. It has a strong following and highly favoured by both Singaporeans and foreigners alike. Due to the close-proximity to-and-from central business district, East Coast Beach and the Airport, it has also attracted home buyers of frequent travellers.
Apart from being in a beautiful estate, it is with extreme fortune to have Tanjong Katong MRT Station (Thomson East Coast Line) within a very short walking distance. Scoring highly on underground connectivity with the major public transport network almost right at your doorstep.
Should you be worried as a parent of young school going children, fret not as the eastern shore of Singapore are best known for many of its top academic institutions.
If you are looking forward to the sneak preview of this beautiful development, go ahead and sign yourself up to be one of the first few to view it now.