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City Developments Limited (CDL) is taking a second bite of the cherry with plans to redevelop Katong condominium Amber Park, which it built in 1986, into a far bigger project.
It beat seven other bidders with a $906.7 million offer as the 200-unit estate finally made good on its fourth attempt at a collective sale.
With a price tag well above the $768 million reserve, Amber Park has also set a record by dollar value for freehold properties sold en bloc.
CDL lodged the bid through its Cityzens Development subsidiary and a joint-venture partner from parent Hong Leong Group in an 80:20 pairing.
It plans to turn the 213,675 sq ft plot into a condominium of around 800 luxury apartments, spread over four 25-storey towers. No development charge is needed for the site, which has an allowable gross floor area of roughly 598,290 sq ft.
Amber Park home owners stand to make $4.3 million each for standard apartments, or $8.3 million for penthouses.
