22-02-2011, 08:35 AM
Feb 22, 2011
Amber Towers up for collective sale
AMBER Towers, a 35-year-old residential project in the Katong area, is being put up for collective sale.
The project has an indicative guide price of $168 million to $172 million. This works out to between $1,152 per sq ft per plot ratio (psf ppr) and $1,180 psf ppr. No development charge is payable.
Amber Towers is in Amber Road and comprises 54 apartments distributed in two towers.
The plot measures 40,708 sq ft and has a permissible plot ratio of 2.8.
The site can be redeveloped into a high-rise condominium with a gross floor area of 145,813 sq ft, subject to confirmation by the relevant authorities.
It could yield about 110 units, each about 1,200 sq ft in size.
The residential development is a short drive from popular schools such as Tanjong Katong Primary School and Haig Girls' School, and retail and food and beverage places like Parkway Parade and Katong Village.
The condo is also a short drive from Changi Airport, the Central Business District and the Marina Bay downtown area.
Neighbouring freehold project Aalto recently recorded transactions of between $1,704 psf and $2,185 psf. Another nearby project, 99-year leasehold Silversea saw units selling for $1,635 psf to $2,200 psf.
This is the first time Amber Towers has attempted to mount a collective sale.
Savills director of investment sales Suzie Mok said she expects strong interest because the site is located in District 15, which has always appealed to the upper mid-market residential segment.
She said: 'Amber Towers has good site attributes. Strategically located at the corner of Amber Road, and in the vicinity of Meyer Road, the site enjoys a panoramic view of the city as well as good pocket sea views.'
CHERYL LIM
Amber Towers up for collective sale
AMBER Towers, a 35-year-old residential project in the Katong area, is being put up for collective sale.
The project has an indicative guide price of $168 million to $172 million. This works out to between $1,152 per sq ft per plot ratio (psf ppr) and $1,180 psf ppr. No development charge is payable.
Amber Towers is in Amber Road and comprises 54 apartments distributed in two towers.
The plot measures 40,708 sq ft and has a permissible plot ratio of 2.8.
The site can be redeveloped into a high-rise condominium with a gross floor area of 145,813 sq ft, subject to confirmation by the relevant authorities.
It could yield about 110 units, each about 1,200 sq ft in size.
The residential development is a short drive from popular schools such as Tanjong Katong Primary School and Haig Girls' School, and retail and food and beverage places like Parkway Parade and Katong Village.
The condo is also a short drive from Changi Airport, the Central Business District and the Marina Bay downtown area.
Neighbouring freehold project Aalto recently recorded transactions of between $1,704 psf and $2,185 psf. Another nearby project, 99-year leasehold Silversea saw units selling for $1,635 psf to $2,200 psf.
This is the first time Amber Towers has attempted to mount a collective sale.
Savills director of investment sales Suzie Mok said she expects strong interest because the site is located in District 15, which has always appealed to the upper mid-market residential segment.
She said: 'Amber Towers has good site attributes. Strategically located at the corner of Amber Road, and in the vicinity of Meyer Road, the site enjoys a panoramic view of the city as well as good pocket sea views.'
CHERYL LIM