View Full Version : UOL buys Amber Road site for $156m
http://www.straitstimes.com/business/uol-buys-amber-road-site-for-156m
UOL buys Amber Road site for $156m
Jan 24, 2017
Freehold residential site can accommodate 190 units in a 22-storey block, says UOL
Lee Xin En
http://www.straitstimes.com/sites/default/files/articles/2017/01/24/st_20170124_amber24_2894752_0.jpg
A site in Amber Road that has housed a landscaping and nursery business for more than 30 years has been sold to property developer UOL for $156 million.
The plot of about 70,000 sq ft at 45 Amber Road, which was owned by developer Sin Lian Huat, is sandwiched between two condominiums - The Shore Residences and The Sea View.
Mr Richard Yeo, senior manager of Ban Nee Chen nursery, said the nursery was not informed that the land had been sold.
He said the nursery would move if it had to.
Mr Liam Wee Sin, UOL's deputy group chief executive, said in a statement to The Straits Times that the deal was an opportunity to acquire a rare freehold residential site.
"The site will be able to accommodate about 190 apartment units in a 22-storey block. We believe there will be very strong demand for a freehold apartment in the Amber Road/Marine Parade area," he added.
Mr Liam said the deal was also a "timely replenishment of our land bank, given the successful sell-out and completion of 70 St Patrick's".
UOL's most recent East Coast residential project, 70 St Patrick's, which was launched in 2014, had 186 apartments going at an average price of $1,600 to $1,700 per sq ft.
Dr Lee Nai Jia, head of South-east Asia research at property consultant Edmund Tie and Company, said the Amber Road plot was attractive for several reasons.
"The quantum of the site is relatively low and it is close to many amenities - established primary schools, eateries, and within walking distance of upcoming MRT stations Marine Parade and Tanjong Katong, which are estimated to be completed in 2023," he said.
Dr Lee added that the site is also close to East Coast Park.
The purchase is the latest property deal linked to veteran banker Wee Cho Yaw, the chairman of UOL's board of directors.
Last week, he made waves in the property market by buying 45 units at luxury condominium The Nassim for $411.6 million through his company's private real estate arm, Kheng Leong.
kenstonvil
11-06-17, 16:58
Anyone knows what UOL is going to do with this plot in terms of launch date and estimated pricing etc???
anythingwhatever
11-06-17, 20:31
From the map, the site can actually fit in 2-3 blocks... Why only build one? :)
(3 blocks will be very packed though)
tonymontana
11-06-17, 20:55
I believe if u check uramasterplan the plot ratio for this site is lower, something like 2.1 only. I worked out previously the breakeven price including construction cost is about 1500psf ppr so launching is 1800psf (my guess).
Good for d15 owners. Huat ah
kenstonvil
11-06-17, 23:16
They recently tore down the old nursery. Guess something is cooking soon... 1800psf is somewhat similar to seaside residences but freehold vs leasehold.
Wonder when Far East is going to launch the Amber Glades land which they bought via en bloc some years back too...
tonymontana
12-06-17, 01:20
UOL selling it at 99 LH.
Confirmed or not?
anythingwhatever
12-06-17, 08:00
UOL selling it at 99 LH.
Same trick as Far East.
kenstonvil
12-06-17, 10:34
Maybe 99y still selling at 1800psf...
Amber Woods
12-06-17, 10:41
People who buy leasehold unit on FH land are basically lessees with the land owner as the lessor; same kind of relationships between HDB and flat "owners".
Should buy EC instead of The Shore which was sold by Far East as 103 yr lease on FH land. At least for EC, you become the Strata owner after 10 years.
Amber Woods
12-06-17, 11:00
People who buy leasehold unit on FH land are basically lessees with the land owner as the lessor; same kind of relationships between HDB and flat "owners".
Should buy EC instead of The Shore which was sold by Far East as 103 yr lease on FH land. At least for EC, you become the Strata owner after 10 years.
So people who bought The Shore is like buying HDB flat. Bank may not provide you any equity loan even if you have fully paid for your unit.
As for future en bloc, Far East must agree just like Spring Grove where the US government owns the FH land and City Development bought the land from the US government under 99 yr lease and subsequently sold the development to individual owners.
Yup...once freehold is changed to 99 / 103 years lease, there is no enbloc potential you can talk about
tonymontana
12-06-17, 13:16
So is it true buyers of the shore are just signing a lease agreement and will not be issued any strata title, hence there is not mcst for the shore.? Personally I don't think so, anyonenbought the shore here?
Besides it remains to be seen whether uol will really launch this as lh.
Interesting times indeed.
kenstonvil
12-06-17, 20:55
If UOL launch in lh and Far East also follow suit with their Amber Glades purchase, there will not be much fh options around Amber area. Probably only Seaview, Esta and OA have potential enbloc options because of their big plot sitting on fh land...
Just Joking.
UOL only sell sold out property.
Southbank, WaterBank, and lot of Bank.
I miss the WaterBank because my Southbank did not CSC when I want to cash out otherwise will be staying at WaterBank now.
kenstonvil
10-10-17, 21:51
UOL Signboards are up... Should be launching soon and potentially be a catchment area for those who just had a windfall from neighbouring Amber Park...
tonymontana
10-10-17, 22:27
Not sure how the procedure is for cashing out (when will the owner get his/her proceeds?), I read in the papers someone mentioned she had another two years to live in normanton park. Assuming an Amber Park SP, will he/she be able to buy another unit immediately and will that transaction be subject to ABSD? Or is there a special arrangement for enbloc-ed owners?
Not sure how the procedure is for cashing out (when will the owner get his/her proceeds?), I read in the papers someone mentioned she had another two years to live in normanton park. Assuming an Amber Park SP, will he/she be able to buy another unit immediately and will that transaction be subject to ABSD? Or is there a special arrangement for enbloc-ed owners?
PM me if you need help.
Today my second day on Dynamic Wealth Creation.
Some of the methods we L-earn cannot be shared hope everyone here understands.
http://forums.condosingapore.com/showthread.php/27278-Dynamic-Wealth-Creation
tonymontana
11-10-17, 08:02
PM me if you need help.
Today my second day on Dynamic Wealth Creation.
Some of the methods we L-earn cannot be shared hope everyone here understands.
http://forums.condosingapore.com/showthread.php/27278-Dynamic-Wealth-Creation
Thanks, arcachon, but unfortunately I'm not one of the lucky enbloc owners, neither do I have a lot of spare cash to keep buying properties. I was just curious about the cash disbursement for enbloc and the point in which you can start looking for a replacement unit without subject to ABSD.
I'll keep you in mind if I get a windfall or something.
Rgds, tony
Thanks, arcachon, but unfortunately I'm not one of the lucky enbloc owners, neither do I have a lot of spare cash to keep buying properties. I'll keep you in mind if I get a windfall or something.
Rgds, tony
One of the method is for those with no money but got the asset.
One key word from Day one is get your "private property", if your HDB is stopping you then HDB got to go.
tonymontana
11-10-17, 08:10
One of the method is for those with no money but got the asset.
One key word from Day one is get your "private property", if your HDB is stopping you then HDB got to go.
No lah , sir, no problem. We already have a number of private and HDB too. No issues. We don't want to overstretch ourselves, so keeping some emergency funds around is a must.
No lah , sir, no problem. We already have a number of private and HDB too. No issues. We don't want to overstretch ourselves, so keeping some emergency funds around is a must.
Also got one for people who don't want to overstretch.
If you notice, this one got no CPD point and RES is going for it.
Have been to a lot of getting rich course, this one you will surely be happy going.
https://scontent-sin6-1.xx.fbcdn.net/v/t1.0-9/22406425_10211700598203392_8491584656810230713_n.jpg?oh=0bd42298fc4aecbada55750178048505&oe=5A7D48CA
tonymontana
11-10-17, 08:28
Also got one for people who don't want to overstretch.
If you notice, this one got no CPD point and RES is going for it.
Have been to a lot of getting rich course, this one you will surely be happy going.
https://scontent-sin6-1.xx.fbcdn.net/v/t1.0-9/22406425_10211700598203392_8491584656810230713_n.jpg?oh=0bd42298fc4aecbada55750178048505&oe=5A7D48CA
can use skillfuture credit? i think i got unused $ credit there don't know how to use
btw, this course is for REN, i'm not one (and don't intend to be one)
can use skillfuture credit? i think i got unused $ credit there don't know how to use
btw, this course is for REN, i'm not one (and don't intend to be one)
Never see things from one angle or you will miss the other side.
Yes you can. Pm me
Thanks, arcachon, but unfortunately I'm not one of the lucky enbloc owners, neither do I have a lot of spare cash to keep buying properties. I was just curious about the cash disbursement for enbloc and the point in which you can start looking for a replacement unit without subject to ABSD.
I'll keep you in mind if I get a windfall or something.
Rgds, tony
The most secured time is when the STB gives the Sales order. If need cash, then wait to collect the money upon completion, and secure the place during the rent free period
oldfreehold
11-10-17, 15:39
So SSD also calculated from the date STB approve the sale?
So SSD also calculated from the date STB approve the sale?
Should be the date of the completion of S&P, I think, which is about 4 months after the sales order. I am not so sure of this
tonymontana
11-10-17, 19:49
The most secured time is when the STB gives the Sales order. If need cash, then wait to collect the money upon completion, and secure the place during the rent free period
excellent answer thanks!
tonymontana
11-10-17, 19:53
Never see things from one angle or you will miss the other side.
Yes you can. Pm me
i consider first, thks.
oldfreehold
12-10-17, 13:22
Thank you Laguna! Pacific Mansion is going to launch sale @ 788M, PPR 1600 PSF, any chance to get en bloc? Personally feel the reserve price too low when compared to Amber Park PPR 1517 PSF.
Thank you Laguna! Pacific Mansion is going to launch sale @ 788M, PPR 1600 PSF, any chance to get en bloc? Personally feel the reserve price too low when compared to Amber Park PPR 1517 PSF.
http://forums.condosingapore.com/showthread.php/1676-FROM-MESSY-TO-TERRIFIC-MANSION
http://www.propertyguru.com.sg/property-management-news/2011/10/48846/pacific-mansion-up-for-en-bloc-sale
Pacific Mansion up for en bloc sale
• October 6, 2011
Pacific Mansion, a 128,353.16 sq ft residential site at River Valley Close, has been put up for en bloc sale with an indicative price of S$990 million (around S$2,008 psf ppr).
oldfreehold
12-10-17, 19:13
So ? 788m , 1600 psf ppr , too low or just nice ? Martin modern nearby 1235 psf.
So ? 788m , 1600 psf ppr , too low or just nice ? Martin modern nearby 1235 psf.
Sorry, I don't understand Martin modern nearby 1235 psf.
Let me give you some insight about what's happening in District 9, where a Government land sales site at Jiak Khim where the old Zouk Club used to be, has been triggered with a minimum land bid of $1250psf per plot ratio.
Traditionally, based on past biddings, it translates to having the closing bid at 30% higher than the minimum bid. This would mean $1625psf per plot ratio. For a developer to profit 15% from this development, they will have to launch at a range of $2375psf to $2825psf! That's a 15% increment over Martin Modern's current pricing!
Take advantage of the current entry of $2000 to $2450psf in Martin Modern before Guocoland increases their prices!
http://www.straitstimes.com/business/property/ura-to-launch-sale-of-former-zouk-site-on-reserve-list-for-private-housing?xtor=CS3-18
PM me before it is too late.
There is something going on in the market and I don't know, only know if you don't action now you might MTB again.
https://scontent-sin6-1.xx.fbcdn.net/v/t1.0-9/22448119_10211709698470893_2549627569237963090_n.jpg?oh=417d3e32e05cab8b5d34a7bf15b4b48f&oe=5A80D609
https://www.srx.com.sg/listings/77425442/for-sale-martin-modern-direct-from-developer-sale
oldfreehold
12-10-17, 20:09
Martin Modern land price 1235 psf ppr .
Martin Modern land price 1235 psf ppr .
Wow got ppr and no ppr a lot of different.
tonymontana
12-10-17, 20:48
Thank you Laguna! Pacific Mansion is going to launch sale @ 788M, PPR 1600 PSF, any chance to get en bloc? Personally feel the reserve price too low when compared to Amber Park PPR 1517 PSF.
seems about right, 2.5 to 3m each.
PropVestor
13-10-17, 11:03
They can price whatever they like. Question is, can it move?
At the rate Beach Road site goes, the same question applies.
oldfreehold
13-10-17, 11:38
Beach road $1700++ psf PPR , When is the tender close date for Park West? Why no news?
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