Published April 11, 2011
Amber Towers sold for $161.6m
Owners can potentially receive up to $4.4m depending on unit size
AMBER Towers has been sold in an en bloc deal to China Sonangol Land for $161.6 million, or $1,118 per square foot per plot ratio (psf ppr).
The freehold Amber Towers site occupies an area of about 40,708 sq ft and can potentially accommodate a new high-rise residential development with a maximum permissible gross floor area of about 144,604 sq ft.
The 35-year old development consists of 54 apartments. Owners can potentially receive up to $4.4 million depending on the size of their unit.
'Amber Towers has excellent locational attributes. A new development on the site will offer good pocket sea view as well as unobstructed view of the landed housing estate in the Meyer Road vicinity,' said Suzie Mok, director of investment sales at Savills Singapore, which handled the sale.
Amber Glades and Marine Point, both in the same vicinity, were recently sold to Far East Organization and CapitaLand for $118.1 million ($1,066 psf ppr) and $100.7 million ($1,056 psf ppr) respectively.
Analysts have said that the collective sales market is picking up. Several transactions have been recorded so far this year. Last year, over 34 collective sales totalling $1.7 billion were recorded, data from Credo Real Estate showed.
This was in stark contrast to 2009 when only one deal was struck.
Several more collective sales tenders are set to close over the next few weeks, including those for Braddell Park, Coronation Grove, Newton Lodge and Pine Grove.
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Comfirmed Amber Glades units are being leased out by Far East after acquiring en bloc last year. See propertyguru below.
http://www.propertyguru.com.sg/listi...t-amber-glades
You cannot even differentiate between psf ppr and psf. Wonder who is lieing?