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SINGAPORE— In a sign developers are increasingly bullish about the private residential property market, two local developers have jointly snapped up the 200-unit Amber Park in Katong, marking the Republic’s largest freehold collective sale by dollar value.
The S$906.7 million deal went to City Developments’ (CDL) wholly owned subsidiary Cityzens Development and Hong Leong Group’s private real-estate arm Hong Realty, announced marketing agent JLL on Wednesday (Oct 4).
The price reflects a land rate of about S$1,515 psf per plot ratio, based on the allowable gross plot ratio of 2.8. Development charges are not payable for the proposed redevelopment, which can accommodate around 24 to 26 storeys, said JLL. Amber Park owners can expect gross sale proceeds of between S$4.3 million and S$8.3 million, said JLL regional director Tan Hong Boon.
The news comes days after private home prices posted their first increase in about four years, and on the back of other recent enbloc sales.
Several other developments, such as Spring Grove in Grange Road and Braddell View, have their eye on breaching the S$1 billion threshold in the coming months.
