Amber Glades sold for $118.1m

Far East Organization has purchased Amber Glades through a en bloc sale. The price is said to be $118.12 million, which works out to about $1,066 per square foot per plot ratio, inclusive of about $4 million in development charges (DC).

The deal is subject to approval by the Strata Titles Board. Amber Glades has a freehold land area of 40,917 sq ft and is zoned for residential use with a 2.8 plot ratio.

Amber Glades’ collective sale was launched last month – the fourth attempt at an en bloc sale for the property. The first was in 2007 with a guide price of $145 million, or $1,345 psf ppr including DC. This was followed by a second attempt in 2008. In August 2010, the owners again put the property on the market, this time with an indicative price of $130 million.

Amber Glades currently comprises two 10-storey blocks with a total of 63 units. Owners are expected to receive between $1.34 million and $2.24 million each from the collective sale, depending on the unit size.

The site can be redeveloped to accommodate a 22-storey block comprising 110 apartments with an average size of 1,000 sq ft each.

The unit land price achieved for Amber Glades is comparable to the sale of Marine Point earlier this year at $1,056 psf ppr.

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