Colliers International handles sale of Amber Glades

40,917 sq ft site, with estimated price of S$130mln, provides easy access to well-known educational institutions.

International property consultant, Colliers International has put up for sale – by way of public tender – a freehold residential site located at 30 and 32 Amber Gardens. The tender will close on 16 September 2010, according to a Colliers International report.

Enjoying a regular shape and dual road frontages, the 40,917 sq ft site is currently occupied by Amber Glades, a residential development comprising two 10-storey tower blocks accommodating a total of 63 units.

Under the 2008 Master Plan, the subject site is zoned for “Residential” use with a gross plot ratio of 2.8.

The successful buyer can re-develop the site into a 22-storey residential development comprising some 150 units of 840 sq ft each, or 84 units of 1,500 sq ft each.

Mr Ho Eng Joo, Executive Director of Investment Sales, Colliers International, says “Indicative price for the subject site is estimated in the region of S$130 million, which translates to a land price of some S$1,091 per sq ft per plot ratio. This includes a development charge of some S$7.47 million, including an additional 10 per cent allowed for balcony space.

More than 80 per cent of the owners have agreed to the sale, and based on the asking price of S$130 million, each of the owners could reap between S$1.46 million and S$2.43 million from the sale, depending on the size of their property.”

Mr Ho comments, “With an evident pick-up in the sales momentum for collective sale sites, a low loan interest environment and depleting land banks among developers, we are optimistic that this corner plot of land would draw keen interest – particularly when it is situated in the strategic part of Katong, where many new projects have enjoyed good sales.”

Located off Amber Road, the site enjoys easy access to amenities located in Parkway Parade, Marine Parade Central, Katong Shopping Centre and East Coast Park. It is surrounded by high-rise condominiums, including Amber Residences, One Amber, The Esta, The Sea View, Vertis, among others.

Well-known educational institutions in the vicinity include Tanjong Katong Primary School, CHIJ (Katong) Primary School, Tao Nan School, St Patrick’s School and Victoria Junior College. The nearby East Coast Parkway, Pan-Island Expressway and Kallang-Paya Lebar Expressway provide easy access to the rest of the island.