Monday, April 11, 2011

Enbloc News 1: Amber Towers sold for $161.6 million

As reported in the Straits Times today, Amber Towers – a 35-year-old freehold residential project in the Katong area – has been sold to Resource International Holdings, a unit of China Sonangol Land, for $161.6 million.
Amber Towers3

This works out to a price of $1,118psf ppr, said Savills Singapore, the agency that brokered the deal through a tender exercise that closed on March 28. Each owner will potentially receive up to $4.4 million, depending on the size of his unit.

The sale of Amber Towers is the biggest transacted residential collective sale site in dollar terms over the past 3 years.  While the final sale price is lower than the previous indicative guide price of $168 million to $172 million, it is higher than the owners’ reserve price.

The District 15 site, which currently contains 54 apartments, is 40,708sqft. It can be redeveloped into a high-rise condominium with a gross floor area of 145,813sqft. The plot could yield about 110 units, each about 1,200sqft in size.

Analysts say District 15 is now considered an alternative to the prime property districts of 9, 10 and 11, with some units at new project launches commanding prices of above $2,000psf.



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