Enbloc news: Amber Glades sold for $118 million

The BT today reported that Far East Organization have bagged Amber Glades through a collective sale. The price is said to be $118.12 million, which works out to about $1,066psf ppr, inclusive of about $4 million in development charges (DC).

Colliers International brokered the deal through a tender exercise that closed last week. The owners’ reserve price has been met.

The deal is subject to approval by the Strata Titles Board. Amber Glades has a freehold land area of 40,917sqft and is zoned for residential use with a 2.8 plot ratio (ratio of maximum gross floor area to land area).

Far East can redevelop the site to accommodate a 22-storey block comprising 110 apartments with an average size of 1,000sqft each. Nearby, the property giant is developing Silversea and The Cape Condos.

The unit land price achieved for Amber Glades is comparable to the sale of Marine Point earlier this year at $1,056psf ppr.

Amber Glades’ collective sale was launched last month – the fourth attempt at an enbloc sale for the property. The first was in 2007 with a guide price of $145 million, or $1,345psf ppr including DC. This was followed by a second attempt in 2008. In August 2010, the owners again put the property on the market, this time with an indicative price of $130 million.

Amber Glades currently comprises two 10-storey blocks with a total of 63 units. Owners are expected to receive between $1.34 million and $2.24 million each from the collective sale, depending on the unit size.

It looks like the smaller projects are still having a field day when collective sale is concerned. It'll be interesting to see if the much bigger projects (Pine Grove, e.g.) will follow suit...

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