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Thread: Far East bought Amber Glades for $118.12m

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    Default Amber Glades Put Up for Collective Sale

    SINGAPORE: Amber Glades in Marine Parade has been put up for collective sale.

    The condominium currently occupies a freehold residential site on Amber Gardens.

    The site comprises two blocks housing 63 units, with a land area of over 40,000 square feet.

    The indicative price is about S$120 million.

    This works out to about slightly under S$1,100 per square foot per plot ratio.

    This is comparable to the recent sale of Marine Point, which was sealed at SS$1,056 per sq ft per plot ratio.

    Each owner could 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.

    This could comprise modern condominium facilities, comprising 100 apartments with an average size of 1,050 sq ft each.

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

    The tender will close on March 2, 2011.

    Tang Wei Leng, Executive Director of Investment Services at Colliers International, said, "Amber Glades is perhaps one of the last few freehold sites in the Amber area suitable for a mid-sized development."

    She added that "it is in a well sought after residential address in District 15" and 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."

    - CNA/fa

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    Default Amber Glades up for sale again with $120m guide price

    http://www.businesstimes.com.sg/sub/...81540,00.html?

    Published February 9, 2011

    Amber Glades up for sale again with $120m guide price


    AMBER Glades, a smallish freehold residential development in district 15, has been put up for sale by public tender with an indicative price of about $120 million, or an estimated $1,078 per sq ft per plot ratio.

    This is the fourth time the property is being offered for collective sale. The first attempt was made in 2007 with a guide price of $145 million or $1,345 per sq ft per plot ratio inclusive of development charge. This was followed by a second attempt in 2008. Last August, the owners again put the property on the market, this time with an indicative price of $130 million.

    Marketing agent Colliers International says the latest guide price is comparable to the recent sale of Marine Point, which was sealed at $1,056 per sq ft per plot ratio.

    Amber Glades comprises two 10-storey blocks with a total of 63 units on a regular-shaped 40,917 sq ft site.

    Under the 2008 Master Plan, the site is zoned for residential use with a gross plot ratio of 2.8. Colliers said in their press release yesterday that the successful buyer can re-develop the site to accommodate a 22-storey block comprising 100 apartments with an average size of 1,050 sq ft each.

    Owners are expected to receive between $1.34 million and $2.24 million each from the collective sale, depending on the unit size. The tender will close on March 2.

    Tang Wei Leng, Colliers' executive director of investment services, says Amber Glades is one of the last few freehold sites in the Amber area suitable for a mid-sized development.

    The property is in the same vicinity as other new projects such as Amber Residences, One Amber, The Esta and The Sea View. It is also close to Parkway Parade, Marine Parade Central, and Katong Shopping Centre.

    Educational institutions in the area include Tanjong Katong Primary School, CHIJ (Katong) Primary School, Tao Nan School, St Patrick's School and Victoria Junior College.

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    Does FEO know something that we don't ? IS MRT or major commercial devpt going to occur around Amber roundabout?

    Business Times - 08 Mar 2011


    Amber Glades sold en bloc for $118.1m
    Far East paying $1,066 psf ppr, inclusive of $4m DC
    By KALPANA RASHIWALA

    FAR East Organization is understood to have bagged Amber Glades through a collective sale. The price is said to be $118.12 million, which works out to about $1,066 per square foot per plot ratio, inclusive of about $4 million in development charges (DC).

    Colliers International brokered the deal through a tender exercise that closed last week. The owners' reserve price has been met.
    The deal is subject to approval by the Strata Titles Board. Amber Glades has a freehold land area of 40,917 sq ft and is zoned for residential use with a 2.8 plot ratio (ratio of maximum gross floor area to land area).
    Far East can redevelop the site to accommodate a 22-storey block comprising 110 apartments with an average size of 1,000 sq ft each. Nearby, the property giant is developing Silver Sea and The Cape condos.
    The unit land price achieved for Amber Glades is comparable to the sale of Marine Point earlier this year at $1,056 psf ppr.

    Amber Glades' collective sale was launched last month - the fourth attempt at an en bloc sale for the property. The first was in 2007 with a guide price of $145 million, or $1,345 psf ppr including DC. This was followed by a second attempt in 2008. In August 2010, the owners again put the property on the market, this time with an indicative price of $130 million.

    Amber Glades currently comprises two 10-storey blocks with a total of 63 units. Owners are expected to receive between $1.34 million and $2.24 million each from the collective sale, depending on the unit size.
    Educational institutions in the area include Tanjong Katong Primary School, CHIJ (Katong) Primary School, Tao Nan School, St Patrick's School and Victoria Junior College.

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    Quote Originally Posted by proper-t
    Does FEO know something that we don't ? IS MRT or major commercial devpt going to occur around Amber roundabout?
    How much does each owner get?

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    final launch price will be around 1800psf liao....same as their cape baby.....ok la...they bid so as to protect their own interest in tat area

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    Quote Originally Posted by francophile
    How much does each owner get?
    shd be between 1.3-2.2mio


    based on 120mio....."Owners are expected to receive between $1.34 million and $2.24 million each from the collective sale, depending on the unit size."

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    Quote Originally Posted by devilplate
    shd be between 1.3-2.2mio


    based on 120mio....."Owners are expected to receive between $1.34 million and $2.24 million each from the collective sale, depending on the unit size."

    So I guess my next question would be how big are the units!I'm trying to figure out if they really made some decent money through the en blocking.

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    Quote Originally Posted by francophile
    So I guess my next question would be how big are the units!I'm trying to figure out if they really made some decent money through the en blocking.
    Amber Glades

    Available Unit Types:

    • 2-Bedrooms (76 - 103 sqm)
    • 3-Bedrooms (99 - 116 sqm)
    • 4-Bedrooms (153 - 155 sqm)
    1.34m/818sf (smallest unit) = 1638psf

    2.24m/1668sf (largest unit) = 1324psf

    Highest psf transaction was back in 09 and ard $881psf.....

    Go figure...

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    FEO is indeed bullish on Amber Road area, but consider it already has so much projects selling in that area I can't help but wonder how is this different from a Ponzi Scheme?

    As long as they keep buying land in the area at record prices, there will always be insane people who will be willing to take it over at record prices. Which in turn help fuel their bid for the next record priced land. This is like a self fullfilling prophecy: FEO buy land at record price, build condo on it and start selling , at the same time they buy adjacent land at a even higher price, thus fueling buying sentiment in first condo, all sold out and FEO start selling second condo and higher prices and bid for next plot of land at even higher prices.

    FEO is a prime example of an organisation which is too big to fail for the Singapore economy. Even if there is a run on the banks, if credit market freezes up again, if not a single soul is buying property anymore, FEO will be able to refinance from the govt and ride out the downturn. Sooner of later property price will recover and conventional wisdom tells us in land scarce Singapore, property prices can only go up in the long run.

    So at the end of the day, as long as you are not forced to sell at low point and FEO does not close shop. Your money is quite safe with FEO projects. Because betting on FEO is like betting on Singapore govt.

    The only questions that remain: how much longer is this exuberence going to continue? Are we the last batch of investors in this big Ponzi Scheme of sorts? Because when the downturn comes and prices stop increasing, or worse starts to fall, the return on your money will greatly diminish. If you have bought some LH property at the peak before the Asia Financial Crisis, you may still be in the red. Of course once the enbloc train reaches your door or the next big boom comes along you will recover your money and make some profits. But been locked down for the past 10 years has make you see numerous opportunity to multiply your wealth gone by.
    Last edited by Condo Kaiser; 08-03-11 at 13:29.

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    Overpay small amount of $$ to enbloc at high prices to sustain selling at much bigger plot at Silversea/Cape, FEO very smart. Unlike CAPL, overpaid so big plot for D Leedon

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    i dun tink FEO overpaid for this....

    capland jus did it....bishan plot clearly super overpaid....LOL

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    Quote Originally Posted by Condo Kaiser
    FEO is a prime example of an organisation which is too big to fail for the Singapore economy.

    So at the end of the day, as long as you are not forced to sell at low point and FEO does not close shop. Your money is quite safe with FEO projects. Because betting on FEO is like betting on Singapore govt.
    So you see,FEO is the goverment blue eye boy. That boy even pay some money (by donating to built hospital) to ensure furture bailout by the goverment.

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    Default Far East bought Amber Glades for $118.12m

    Amber Glades Sold for S$118.12 Million For Immediate Release, 2011-03-08
    by Seah Li Ching Colliers International, Singapore
    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.

    About Colliers International
    Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 15,000 employees span the world in 480 offices in 61 countries. On a worldwide basis, Colliers manages 2.4 billion square feet, and has revenue of $US1.9 billion

    Contact Information
    Ms Seah Li Ching
    Assistant Manager | Marketing & Communications
    Tel: +65 6223 2323
    DID: +65 6531 8545
    Ms Tang Wei Leng
    Executive Director | Investment Services
    Tel: +65 6223 2323
    DID: +65 6531 8586

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    Default what's the PSF then?

    hi any gurus can shed some light...at S$1,066 per sq ft per plot ratio? what is the PSF then for Developer to breakeven?

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    Quote Originally Posted by dingding
    hi any gurus can shed some light...at S$1,066 per sq ft per plot ratio? what is the PSF then for Developer to breakeven?
    add another 300-500psf

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    My guess is New launch minimum $1800psf onwards. Will not be surprised if it is $2k psf or $2200psf onwards... in consideration the project will be launched later and The Cape is already at approx. $2k psf.

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    Quote Originally Posted by jc
    My guess is New launch minimum $1800psf onwards. Will not be surprised if it is $2k psf or $2200psf onwards... in consideration the project will be launched later and The Cape is already at approx. $2k psf.
    but skysuites@anson only from 1900psf.....the cape is grossly overpriced

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    FEO just doing it to help sales in Silver Sea

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    Quote Originally Posted by devilplate
    but skysuites@anson only from 1900psf.....the cape is grossly overpriced
    Well if Spottiswoode Residences can sell for $2k psf, so can The Cape. Spottiswoode Residences is overpriced then?

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    Quote Originally Posted by jc
    Well if Spottiswoode Residences can sell for $2k psf, so can The Cape. Spottiswoode Residences is overpriced then?
    NoPe... all cheap cheap... Buy buy hehe

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    haha i see that devilplate has given up trying to argue to other people. I shall learn from him too.

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