Residential site at Amber Road sold en bloc for $28m

A 24-unit, walk-up apartment block off Amber Road was sold collectively on Tuesday, to a subsidiary of Far East Organisation for $28 million.

The sale drew four bids and achieved more than 80% consensus from the owners, becoming the first residential en bloc sale of the year.

The site sits next to the Chinese Swimming Club and covers an area of nearly 2,000 square metres.

It is zoned for residential use with a plot ratio of 2.8.

Its agent says the site can hold some 50 apartments and be turned into a high-rise over 20 storeys tall.

Based on the sale price of $28.1 million and an estimated development charge of $300,000, the land cost reflects a rate of $478 psf per plot ratio.

Recent developments around the site include The Seaview, Esta and One Amber.

Source: Channel NewsAsia, 09 January 2007 

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