Amber Park condo at East Coast sells 115 units in weekend launch

Mon, May 06, 2019


THE latest in a string of East Coast launches, freehold luxury condominium Amber Park sold 115 units at an average S$2,425 per sq ft (psf) during its launch weekend.

Some 150 units were launched over the weekend, out of the development's 592 units, said City Developments Limited (CDL) and its sister company Hong Realty on Sunday.

The units sold - which included a penthouse - covered all apartment types.

CDL said about 85 per cent of the buyers were Singaporeans, while the remaining were foreigners mainly from China, Malaysia, Indonesia, India and others.

Early-bird prices start from S$1.088 million for a one-bedroom unit with a study to S$4.98 million for a five-bedroom premium unit.

Unit sizes range from 463 sq ft for a one-bedroom plus study apartment to 5,005 sq ft for the largest penthouse, which has six bedrooms plus a study.

PropNex's chief executive Ismail Gafoor said that interested buyers included those who had gained from the en bloc sale of the original Amber Park, as well as investors keen on renting out the property. The agency sold 37 units.

ERA, Huttons, OrangeTee & Tie and PropNex are the marketing agencies for Amber Park.

"Sales for this project are off to a good start, indicating healthy demand for well-located projects that are exceptionally designed," said CDL group general manager Chia Ngiang Hong. "As a freehold project in District 15 located so close to an MRT station, Amber Park draws buyers looking for projects with good investment value."

DBS Group Research analyst Rachel Tan noted that Amber Park's prices are comparable to neighbouring projects. Its peers, however, may not have fared as well.

When Coastline Residences by Sustained Land launched for sale about two weeks ago, it sold only seven out of a total of 144 units at an average price of S$2,450 psf. Nyon, launched in March, sold four out of 92 units that month, at a median price of S$2,434 psf, going by government statistics.

PropNex's Mr Gafoor pinned it to Amber Park's "iconic design" and "unique features", made possible by the development's large plot.

He highlighted how its first level is designed as a contemporary luxury resort. Amber Park's total recreational space is the largest among new developments in the East Coast and Katong area, CDL has said. It also has a 600m sky jogging track that has been touted by the developer as the first for a condominium in Singapore.

Other upcoming launches nearby include UOL's and Kheng Leong's MeyerHouse (the former Nanak Mansions) on Meyer Road, Bukit Sembawang Estates' former Katong Park Towers site, and GuocoLand's former Casa Meyfort on Meyer Road.