A joint-venture between renowned property developer City Developments Ltd (CDL) and real estate arm of Hong Leong Group have successfully acquired freehold condo Amber Park via a collective sale for S$906.7 million (or S$1,515 psf ppr), with no development charges payable.
The owners of Amber Park condo are expected to receive a lucrative payout between the range of S$4.3 million to S$8.3 million each.
The en bloc deal was concluded via CDL’s subsidiary firm Citizens Development and Hong Realty of Hong Leong Group, who owns a stake of 20% for this project.
Amber Park was launched for collective sale back in mid-August 2017 at a price of no less than S$768 million (or S$1,284 psf ppr).
The joint venture between CDL (the developer for luxury condos such as Gramercy Park and New Futura) and Hong Realty have stated their intention to redevelop the Amber Park site into a luxury residential condo project – which will comprise of around 800 units across a total of 4 residential blocks with 25 storeys each.
It was also noted by the developers that units in the future new launch condo project will be north-south oriented, in order to offer most of them with a sea view.
This was, in fact, one of the largest en bloc deals within the Amber Road precinct and the last newly completed project in the area was Amber Skye by China Sonangol Land and OKP Land.
Under the URA Master Plan 2014, the 213,670 square feet site of Amber Park has a 2.8 gross plot ratio – with the maximum gross floor area working out to be around 598,290 square feet, and it is within close proximity to the future Tanjong Katong MRT Station – part of the new Thomson-East Coast MRT Line.