City Developments (CDL) and Hong realty (a subsidiary of the Hong Leong Group) have acquired ownership of Amber Park in one of Singapore’s leading en bloc sale. Although the en bloc sale drawed attention of big participants in the industry, CDL finally grabbed the bid with Amber Park Price smacking about S$907 million in single of the largest joint venture in the region. The sale price of Amber Park CDL translates to a land ratio of approximately S$1,515 per sq ft ppr according to the allowable GPR of 2.8 without development expenses on the redevelopment. Hong real estate and Cityzens Development list the 200-unit involved with Hong realty owning a 20% stake of the project. Based on the 2014 master plan, Amber Park site occupying about 213,670 sq ft is a area for residential purposes. Each of the individual master of the condo is set to get gross purchases proceeds ranging from S$4.3 million to S$8.3 million. As the original developer of the former 200-unit Amber Park built in 1986, CDL state that they know the most what suits the area. The company aims to revitalize the place to house luxury condos including up to four 25-storey buildings with approximately 800-unit plus basement car-park, an idea pending approval. As per CDL, many of the units at Amber Park will be planned with a North-South facing orientation which allows the future residents of Amber Park condo to enjoy the awesome seaview. This future iconic landmark is expected to be a perfect investment deal in Singapore’s residential Market. The unparalleled development site is going to be beneficial to both investors and CDL for the fact that freehold properties in Singapore are becoming rare. Upon completed, the Amber Park definitely provides a perfect place for families whom work in the area to secure an amazing living space.
Amber Park sits in a mature neighbourhood making it a highly sought after area. With several concurrent projects in the place, Amber Park very likely will bring many benefits to the residents. Additionally, the strategic location also allows Amber Park to enjoy the wonderful connection to other areas of Singapore as well as access to various amenities. This area is well known for its rich cultural heritage and foods haunts, and is minutes away to malls like Parkway Parade and I12 Katong, and reputable schools like Tao Nan and Ngee Ann Primary, Tanjong Katong Primary, and CHIJ (Katong).
Amber Road, as well as the surrounding private residential place, has long had a loyal following, from both locals and expats due to its location: minutes walk to the sea and to East Coast beach, and within 15 minutes drive from the Raffles CBD, Marina Bay, and Changi International Airport. Besides strong locational characteristics, a distinct edge of the area is its freehold status, one thing that is becoming increasingly rare in Singapore, said Mr Sherman Kwek, CEO-designate of CDL. With all these reasons as well as the clear seaview, as well as its proximity (290 metres, no more than 4 minutes walk) to the future Tanjong Katong MRT station by year 2023, strong demand is expected for this condo.
City Development Ltd is a prominent real estate developer that operates in numerous places around the world. The Singapore listed company has established its presence in 100 locations covering 28 countries as well as territories. It is also one of the biggest companies with regard to market capitalization with a stable income and a different portfolio which contains serviced apartments, hotels, offices, shopping malls and integrated developments. The developer has been in the real estate industry exceeding 50 years offering services in real estate management, investment, and development. In the past, CDL has built over 40, 000 homes and it owns a lum sum of 18 million sq ft lettable floor area globally. Its key localities of operations include Singapore, Australia, Japan, UK, and China. CDL’s London based and listed subsidiary, Millenium & Copthorne Hotels plc is a leading lodge chain across the world. It has greater than 135 hotels world wide situated in key gateway cities. With 50-year proven track records, CDL has developed more than 40,000 homes world wide and received lots of prestigious awards, for example, Quality Excellence Awards, Building and Construction Authority Awards, Workplace safety and Health Awards, etc. For more than 20 years, the developer has been spending efforts on green innovations to construct bold and inspiring green buildings for a brighter future. With these proven reputation, future home masters of Amber Park should expect a luxury freehold condo to stay upon completion.
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