Amber Park sold via enbloc sale for $906.7m

It’s the biggest freehold collective sale by dollar value.

Amber Park has been sold to Cityzens Development Pte Ltd and Hong Realty (Private) Limited by JLL for $906.7m.

According to JLL, the 213,670 sqft. site may be redeveloped for a high-rise apartment development with 24 to 26 storeys.

The surrounding Amber Road area is near the Central Business District (CBD) and a few minutes' walk to the beach and the airport.

JLL Regional Director Tan Hong Boon said, "The tender was keenly contested and attracted as many as eight tender submissions. The successful sale price of $906.7 million reflects a land rate of approx. $1,515 psf per plot ratio, based on the allowable gross plot ratio of 2.8. Development charges are not payable for the proposed redevelopment".

The sale is now the largest freehold collective sale by dollar value, Tan said.