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Thread: UOL buys Amber Road site for $156m

  1. #1
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    Default UOL buys Amber Road site for $156m

    http://www.straitstimes.com/business...-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



    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.

  2. #2
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    Anyone knows what UOL is going to do with this plot in terms of launch date and estimated pricing etc???

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    From the map, the site can actually fit in 2-3 blocks... Why only build one?

    (3 blocks will be very packed though)

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    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

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    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...

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    UOL selling it at 99 LH.

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    Quote Originally Posted by Arcachon View Post
    UOL selling it at 99 LH.
    Confirmed or not?

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    Quote Originally Posted by Arcachon View Post
    UOL selling it at 99 LH.
    Same trick as Far East.

  9. #9
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    I love UOL... stocks!
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  10. #10
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    Maybe 99y still selling at 1800psf...

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    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.

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    Quote Originally Posted by Amber Woods View Post
    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.

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    Yup...once freehold is changed to 99 / 103 years lease, there is no enbloc potential you can talk about

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    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.

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    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...

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    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.

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    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...

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    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?

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    Quote Originally Posted by tonymontana View Post
    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/sho...ealth-Creation

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    Quote Originally Posted by Arcachon View Post
    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/sho...ealth-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

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    Quote Originally Posted by tonymontana View Post
    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.

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    Quote Originally Posted by Arcachon View Post
    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.

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    Quote Originally Posted by tonymontana View Post
    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.


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    Quote Originally Posted by Arcachon View Post
    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.

    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)

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    Quote Originally Posted by tonymontana View Post
    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

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    Quote Originally Posted by tonymontana View Post
    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

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    So SSD also calculated from the date STB approve the sale?

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    Quote Originally Posted by oldfreehold View Post
    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

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    Quote Originally Posted by Laguna View Post
    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!

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    Quote Originally Posted by Arcachon View Post
    Never see things from one angle or you will miss the other side.

    Yes you can. Pm me
    i consider first, thks.

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