2011-03-08

Singapore

The subject development was sold to Tuas Hi-Tech Park Pte Ltd.

International property consultant, Colliers International, is pleased to announce that Amber Glades, a development comprising two 10-storey tower blocks with 63 units located at 30 and 32 Amber Gardens, have been successfully sold for S$118.12 million.

The subject development, whose tender closed on 2 March 2011, was sold to Tuas Hi-Tech Park Pte Ltd, a wholly-owned subsidiary of Far East Organization. 

Under the 2008 Master Plan, the subject site is zoned for “Residential” use, with a gross plot ratio of 2.8.

Ms Tang Wei Leng (邓慧玲), Executive Director of Investment Services at Colliers International, says, “The winning bid of S$118.12 million translates to approximately S$1,066 per sq ft per plot ratio.  This is reflective of the market price in the Amber area, in which another nearby residential development, Marine Point, was sold last month at about S$1,056 per sq ft per plot ratio.

Depending on the size of their units, each owner can potentially receive between S$1.3 million and S$2.2 million from the sale.”

Amber Glades sits on a land area of 40,917 sq ft, which could yield a gross floor area of 114,567 sq ft.  The site can be re-developed into a high-rise residential development comprising some 114 units of 1,000 sq ft.   Nearby developments include Amber Residences, One Amber, The Esta, The Sea View, The Shore, Silversea and Vertis, among others.

The sale is subject to the order of the Strata Titles Board.