Amber Glades, a residential development comprises two 10-storey blocks housing 63 units.
International property consultant, Colliers International is putting up for sale by public tender a freehold residential site located at 30 and 32 Amber Gardens. The tender will close on 2 March 2011.
With a site area of 40,917 sq ft, the regular-shaped land is currently occupied by Amber Glades, a residential development comprising two 10-storey blocks housing 63 units.
Under the 2008 Master Plan, the subject site is zoned for “Residential” use with a gross plot ratio of 2.8.
Indicative price for the subject site is approximately S$120 million, which works out to about S$1,078 per sq ft per plot ratio. This is comparable to the recent sale of Marine Point, which was sealed at S$1,056 per sq ft per plot ratio.
Each of the owners could expect to receive between S$1.34 million and S$2.24 million from the collective sale, depending on the size of their unit.
The successful buyer can re-develop the site to accommodate a 22-storey residential block complete with modern condominium facilities, comprising 100 apartments with an average size of 1,050 sq ft each.
Ms Tang Wei Leng (邓慧玲), Executive Director of Investment Services at Colliers International, says, “Amber Glades is perhaps one of the last few freehold sites in the Amber area suitable for a mid-sized development. Given that it is in a well sought after residential address in District 15, coupled with its regular shape and dual road frontages, this site would appeal to niche developers who are familiar with the area or developers who are looking to replenish their land banks.”
Ms Tang continues, “The subject site is nestled in a serene neighbourhood with established amenities and good connectivity to other parts of Singapore. The vicinity has now been rejuvenated with the completion of new residential developments including Amber Residences, One Amber, The Esta and The Sea View, among others. The proposed Eastern Region MRT line, when completed in 2020, will enhance the commute network in the area.”
Amenities could be found in the nearby Parkway Parade, Marine Parade Central, Katong Shopping Centre and East Coast Park. Well-known educational institutions in the vicinity include Tanjong Katong Primary School, CHIJ (Katong) Primary School, Tao Nan School, St Patrick’s School and Victoria Junior College. Access to other parts of the island is available via the nearby East Coast Parkway, the new Kallang-Paya Lebar Expressway and Pan Island Expressway.