Amber Glades put up for collective sale

Amber Glades in Marine Parade has been put up for collective sale.

The condominium currently occupies a freehold residential site on Amber Gardens.

The site comprises two blocks housing 63 units, with a land area of over 40,000 square feet.

The indicative price is about S$120 million.

This works out to about slightly under S$1,100 per square foot per plot ratio.

This is comparable to the recent sale of Marine Point, which was sealed at SS$1,056 per sq ft per plot ratio.

Each owner could receive between S$1.34 million and S$2.24 million from the collective sale, depending on the size of their unit.

The successful buyer can re-develop the site to accommodate a 22-storey residential block.

This could comprise modern condominium facilities, comprising 100 apartments with an average size of 1,050 sq ft each.

Under the 2008 Master Plan, the subject site is zoned for “Residential” use with a gross plot ratio of 2.8.

The tender will close on March 2, 2011.

Tang Wei Leng, Executive Director of Investment Services at Colliers International, said, “Amber Glades is perhaps one of the last few freehold sites in the Amber area suitable for a mid-sized development.”

She added that “it is in a well sought after residential address in District 15” and coupled with “its regular shape and dual road frontages, this site would appeal to niche developers who are familiar with the area or developers who are looking to replenish their land banks.”

Source : Channel NewsAsia – 8 Feb 2011

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