Amber Towers sold to Resource International for S$161.6 million

Amber Towers was sold to Resource International Holdings, a wholly owned subsidiary of China Sonangol Land Pte Ltd, for S$161.6 million, said sale manager Savills Singapore.

The District 15 freehold redevelopment site occupies an area of approximately 40,708 sq ft and can potentially accommodate a new high rise residential development with a maximum permissible gross floor area of about 144,604 sq ft (13,434.11 sq m) exceeding the permissible plot ratio of 2.8 under the 2008 Master Plan, Savills Singapore said in a statement.

The site sits on a prominent corner along Amber Road – a much sought after residential address in the East Coast area. The 35-year old development consists of 54 apartments.

Existing owners can potentially receive up to S$4.4 million each depending on the size of their units, Savills said.

“Based on the sale price of S$161.6 million and at the equivalent plot ratio of 3.55, the sale reflects a land rate of $1,118 psf ppr,” said Ms Suzie Mok, director of investment sales at Savills Singapore.

In comparison, Amber Glades and Marine Point were recently sold to Far East Organisation and CapitaLand for $1,066 psf ppr and $1,056 psf ppr respectively.

The sale is subject to Strata Titles Board approval, Savills said.

Source : Today – 11 Apr 2011

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