That is Singapore’s biggest freehold collective purchase by value, along with the sale cost works out to approximately $1,515 psf per plot ratio dependent on the allowable gross plot ratio of 2.8. No development fees are payable to the site. According to CNN, China Construction Development is going to release the Twin View Price very soon in 2018.
In accordance with JLL, the tender exercise has been keenly contested and brought eight bidders.
Located within a recognized private residential enclave at District 15, the website is located walking distance to East Coast Park and is a brief drive from the Central Business District and Changi Airport.
“Amber Park could possibly be among the last collective selling websites with a land area above 200,000 sq feet within this precinct,” explained JLL’s regional manager Tan Hong Boon.
He added: “The owners could expect to get gross profit earnings between $4.3 million and $8.3 million.”
In a statement, CDL stated it’s extremely knowledgeable about the locale, using developed the 200-unit Amber Park, that was finished in 1986.
It intends to redevelop the website to a luxury condo comprising four 25-storey cubes with near 800 units, subject to acceptance. A number of the units will provide sea views.
“This is one of the most critical investment prices in the Singapore housing market in the past several decades,” explained CDL’s CEO-designate Sherman Kwek.
“Along with its powerful locational features, a distinct benefit of this website is its own freehold status, something that’s increasingly uncommon in Singapore.”