SINGAPORE – Amber Park, a collective sale site along Amber Road, has just been launched for sale by tender by sole marketing agent JLL. Built in the mid-1980’s, Amber Park comprises of 200 units housed in two 27-storey apartment
Built in the mid-1980’s, Amber Park comprises of 200 units housed in two 27-storey apartment blocks. More than 80 per cent of the owners has consented to the collective sale at a minimum price of $768 million.
Under the 2014 Master Plan, the 213,670 sqft 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.
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 (CBD), its appeal of being only minutes’ walk to the beach at East Coast Park and the ease to the airport.
Mr. Tan Hong Boon, Regional Director at JLL, says: “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,”
He adds: “This Amber Park site could possibly be one of the last collective sale sites with a land area above 200,000 sqft in this precinct. As far as we know, the last site with a land area above 200,000 sqft 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”.
“We expect strong interest for this site. The owners’ reserve price of $768 million reflects a land rate of approx. $1,284 psf per plot ratio, based on the allowable gross plot ratio of 2.8. Development charges are not payable for the proposed redevelopment,” continues Mr. Tan. He further continues: “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 further continues: “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”.
Amber Park’s site enjoys dual frontages from Amber Gardens and Amber Road, with the main access currently taken from Amber Gardens.
Established shopping amenities, popular eateries, and hip cafes are readily accessible with Parkway Parade, Marine Parade Central, and i12 Katong, all located within walking distance to Amber Park.
At the same time, Amber Road is only some 10 minutes’ drive to the city centre, and the area is well-served by public buses going into the CBD. In addition, the residents in the
neighbourhood are looking forward to the new Thomson-East Coast Line that is presently under construction and is expected to be ready in phases from 2023. The future Tanjong Katong MRT station is located less than 200 meters away from the Amber Park site.
“Subject to design and approval from the Urban Redevelopment Authority (URA), a developer may potentially configure the allowable gross floor area (GFA) of 598,300 sq ft into close to 800 apartments with an average size of 70 sqm. The site’s 80-meter road frontage onto Amber Road may offer developers some degree of flexibility in designing the new apartments, such that the number of sea-facing units are maximized. The new high-rise towers could also be positioned to overlook the Chinese Swimming Club’s low-rise facilities that occupies the site next door and diagonally across the road,” says Mr Tan.
The tender for Amber Park closes on Tuesday, 3 October 2017, at 2.30 pm
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
JLL has over 50 years of experience in Asia Pacific, with 36,800 employees operating in 95 offices in 16 countries across the region. The firm won the ‘World’s Best’ and ‘Best in Asia Pacific’ International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics. www.ap.jll.com.