Freehold residential site Amber Glades relaunched for en bloc sale

Colliers International will be relaunching the collective sale of Amber Glades, a freehold residential site at Amber Road.

The site has a gross plot ratio of 2.8 and consists of two 10-storey tower blocks with 63 units in total.

About 90 percent of the owners have agreed to the sale and are asking for about S$127 million. Including the estimated development charge of S$3.5 million, the price will work out to about S$1,140 per square foot per plot ratio. This is lower than the previous asking price of S$145 million six months ago.

Based on the 2003 Master Plan, the site is zoned for residential use with a gross plot ratio of 2.8. The new development can accommodate a residential development with up to 88 units at 1,300 square feet each.

The tender sale will close on April 23 at 3pm. – CNA /ls

Source : Channel NewsAsia – 8 Apr 2008