The owners for 3 adjoining landed properties located at Amber Road in the East agreed to sell their properties collectively by tender.
A selling point for this land parcel is that it is the last landed sites on this road which is traditionally popular for prime high rise condominium projects.
According to the 2008 Master Plan, this freehold tenure site which have a total land area of about 28,409 square feet is zoned for residential use with a 2.8 gross plot ratio.
The successfully developer can redeveloped this land site into an over 20 storeys partial sea facing residential project. There is no need for approval from the Strata Title Board as all the owners has consented to put up their respective 3 landed properties for tender sale. This will speed up the successful developer’s marketing and construction period which is another selling point.
The selling price are expected to be from S$73 million to S$80 million which translate to S$1,243 to S$1,318 psf ppr for redevelopment after adding in an estimated development charge of S$25 million.
Based on the potential GFA of 79,549 square feet, a developer will be able to redevelop it into a new high rise residential project with about 75 units of 1,000 square feet apartments or other similar permutations.
24 May 2012