Freehold residential site Amber Glades relaunched for en bloc sale
Freehold residential site Amber Glades relaunched for en bloc sale
By Cheryl Lim, Channel NewsAsia | Posted: 08 April 2008 2218 hrs
SINGAPORE : Colliers International will be relaunching the collective sale of Amber Glades, a freehold residential site at Amber Road.
The site has a gross plot ratio of 2.8 and consists of two 10-storey tower blocks with 63 units in total.
About 90 percent of the owners have agreed to the sale and are asking for about S$127 million. Including the estimated development charge of S$3.5 million, the price will work out to about S$1,140 per square foot per plot ratio. This is lower than the previous asking price of S$145 million six months ago.
Based on the 2003 Master Plan, the site is zoned for residential use with a gross plot ratio of 2.8. The new development can accommodate a residential development with up to 88 units at 1,300 square feet each.
The tender sale will close on April 23 at 3pm. - CNA /ls
Re: Freehold residential site Amber Glades relaunched for en bloc sale
At an average selling price of 1200 psf, a 1300 sqf unit will fetch abt 1.5m, if you multiply it by 88, you get abt 135m, leaving hardly any room for developer to profit, no developer is dum enough to buy at this price, they are not realistic.
