Enbloc News: Amber Glades

As reported in The BT today, Amber Glades, a smallish freehold residential development in District 15, has been put up for sale by public tender with an indicative price of about $120 million, or an estimated $1,078psf ppr.

This is the fourth time the property is being offered for collective sale. The first attempt was made in 2007 with a guide price of $145 million or $1,345psf ppr inclusive of development charge. This was followed by a second attempt in 2008. Last August, the owners again put the property on the market, this time with an indicative price of $130 million.

Marketing agent Colliers International says the latest guide price is comparable to the recent sale of Marine Point, which was sealed at $1,056psf ppr.

Amber Glades comprises two 10-storey blocks with a total of 63 units on a regular-shaped 40,917sqft site.

Under the 2008 Master Plan, the site is zoned for residential use with a gross plot ratio of 2.8. Colliers said in their press release yesterday that the successful buyer can re-develop the site to accommodate a 22-storey block comprising 100 apartments with an average size of 1,050sqft each.

Owners are expected to receive between $1.34 million and $2.24 million each from the collective sale, depending on the unit size. The tender will close on March 2.

Here's hoping that it will be fourth time lucky for Amber Glades...

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