Amber Towers up for collective sale at $168mn to $172mn

The condominium project along Meyer Rd has a potential GFA of 145,813 sqft.

According to DBS, this works out to be $1152-1180 psf ppr. No development charge is payable.

Pending authority approval, the site could retain its current GFA, translating to a plot ratio of 3.58. This would exceed the permissible plot ratio of 2.8 under the master plan. It is estimated that the site could accommodate 110 units of an average size of 1,200 sq ft each.

The asking price is slightly higher than what CapitaLand has paid recently for the Marine Point enbloc site at $1056psf ppr. Based on $1152- $1180 psf of land cost, DBS estimates the breakeven cost to be around $1500-1800psf of saleable area and selling price would likely be $1800-$2100 psf, assuming a 10-15% development margin. This is in line with the recent transactions at Aalto, which fall between $1,704 - $2185 psf but slightly higher than 16 @ Amber, which changed hands at $1600-1700psf.