Amber Park was sold for SGD $906.7 million to number one developer in Singapore, CDL in the largest collective sale by buck value. City Developments Limited (CDL) has successfully bagged the jewel of the east in their pocket, a massive 200 condo apartment on a huge freehold site at amber road, along amber gardens.
It was an 80:20 joint venture (JV) between Cityzens Development (CDL) and Hong Realty, a Hong Leong Group’s real estate investment arm. They have emerged as the proud winner after beating the rest of other developers during the fiercely contested tender process.
With such an enormous scale of successful en-bloc sale, every former Amber Park residents will stand to gain a significant amount of profit from this transaction. They can expect to take home a whopping $4.3 million and $8.3 million out of this deal, said Mr Tan Hong Boon, regional director of Jones Lang LaSalle. The real estate consultancy was the exclusive marketing agency for this mega deal in 2017.
With a good plot ratio of at least 2.8 in the master plan, the freehold site has a max gross floor area (GFA) of nearly 600,000 square foot. Working out to be $1515 per square foot per plot ratio for this new condominium at Amber Road.
Prices are quite bullish based on the sale price put forth by the developers but there won’t be many identical projects around this area for future redevelopment as majority of the bigger ones have been snapped up in the past and had a makeover before this. Said Mr Wilson Tan, adding that Amber Park will most likely be the last big site for collective sale in this area where it is situated.
It was being named as The Opus Condo at Amber Gardens, along Amber Road. With the approval from the building authorities underway, City Developments and Hong Leong will be having a super big plan for this exciting brand-new residence.
Collaborating with the Top Architects in Singapore, they will be constructing 4 major towers within the development, from the former original 2 blocks. It will be a 25-Storey high-end modern structure with sea view orientation for most of the residents. Accommodating staggering 800 apartment units including a basement carpark for vehicle owners.
Besides the luxurious and quality home where CDL were known for providing to home buyers, they will also be integrating a smart living environment for all residents with the advanced technological systems playing a huge role in their everyday life.
If you’re not a vehicle owner but were unable to resist the temptation of residing in a prime district 15 address, we are equally pleased to learn that the upcoming Tanjong Katong MRT Station is only less than 200 meters walking distance away from The Opus Condo. It is a Thomson East Coast Line that will ferry you into the Central Business District in five to six stations.
By now, we are pretty confident that you are well orientated in this area as Katong area is not only famous for their F&B, entertainment, recreational activities and having the east coast park by your side. It is also home to many good schools for your school going kids if you’re a parent or soon to be.