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Thread: Amber Tower SOLD!

  1. #1
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    Default Amber Towers up for collective sale

    Business Times - 22 Feb 2011
    Amber Towers up for collective sale at $168m-$172m
    (SINGAPORE) Amber Towers, a freehold residential development at Amber Road, is up for collective sale with a price tag of $168 million to $172 million.
    This works out to $1,152-$1,180 per square foot per plot ratio (psf ppr), given the potential gross floor area of 145,813 sq ft that a new project on the site could yield. No development charge is payable.
    The 35-year-old Amber Towers consists of 54 apartments. This is the first time the owners are putting the estate up for collective sale.
    Amber Towers is near Parkway Parade, Playground @ Big Splash and the upcoming Katong Mall.
    It is also in the vicinity of several schools such as Tao Nan School, Tanjong Katong Girls' School and the Canadian International School (Tanjong Katong Campus).
    Amber Towers occupies a 40,708 sq ft site. Subject to confirmation from the authorities, the plot could be redeveloped into a new project with a gross floor area of 145,813 sq ft, translating to an equivalent plot ratio of 3.58. This would exceed the permissible plot ratio of 2.8 stipulated in Master Plan 2008.
    Savills Singapore is handling the tender, which closes on March 28. It estimates that a new condominium on the site could house around 110 units with an average size of 1,200 sq ft each.
    Across the road at Aalto, units changed hands for $1,704-$2,185 last month.
    Savills director of investment sales Suzie Mok believes there will be strong interest in the Amber Towers site 'as it is well located along the choice stretch of Amber Road in District 15, which has always appealed to the upper mid-market residential segment'.
    She added that the site 'enjoys both a panoramic view of the city as well as good pocket sea views'.


    Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

  2. #2
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    The owners for this devt waited far too long oredi

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    Ya, wait and wait, now only collect at best $1180psf. take the money couple of mths down the road at the fastest, if want to stay in the same area, say look at The Shore Residence, then have to pay like $1400psf liao...., if want to buy Aalto, even worst off.

    Tink this owner who sold out in Dec 2009 @ $871 psf still better off than rest who waited neck long long for this enbloc.

    Address
    Tenure
    PSF
    Area Sqft
    Price
    Contract Date
    4 Amber Road #17-05
    Freehold
    $871
    2928
    $2550k
    08 Dec 09

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    But its PSFPPR leh. So the proceeds would be so much more than had he sold individually (which is just psf of his unit). The plot apparently can go up to 3.58 plot ratio wor which is major intensification of plot use. So enbloc will be making so much more.

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    FEO, please buy this site. To protect your interest

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    Quote Originally Posted by amk
    FEO, please buy this site. To protect your interest
    FEO has enough of stuff on its plate now. it has at least a 50% share of the market. Tennery, waterfront this, waterfront that. It is probably stretched too thin.

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    Quote Originally Posted by stalingrad
    FEO has enough of stuff on its plate now. it has at least a 50% share of the market. Tennery, waterfront this, waterfront that. It is probably stretched too thin.
    That's why it is offloading all its project, offering 3%-5% furniture vouchers. Am sure, FEO will putting in a serious bid...

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    Quote Originally Posted by stalingrad
    ...it is probably stretched too thin.
    if u meant financials, that's never a problem.

    it's better to have 20bln exposure than 2bln

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    Quote Originally Posted by amk
    if u meant financials, that's never a problem.

    it's better to have 20bln exposure than 2bln
    Ya, FEO very very deep pockets...not a problem for them....

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    http://www.straitstimes.com/Money/St...ry_637435.html

    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

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    Default Amber Tower SOLD!

    With so many en-blocs coming through, the chance of 'recycled cash' from displacements coming back into the market may bolster demand. $1.7bil is no joke. Even factoring loan repayments and cash hoarding, asumming 40% is pumped back into the property market, that's almost $700mil!

    Business Times - 11 Apr 2011


    Amber Towers sold for $161.6m

    Owners can potentially receive up to $4.4m depending on unit size

    AMBER Towers has been sold in an en bloc deal to China Sonangol Land for $161.6 million, or $1,118 per square foot per plot ratio (psf ppr).

    The freehold Amber Towers site occupies an area of about 40,708 sq ft and can potentially accommodate a new high-rise residential development with a maximum permissible gross floor area of about 144,604 sq ft.
    The 35-year old development consists of 54 apartments.

    Owners can potentially receive up to $4.4 million depending on the size of their unit.

    'Amber Towers has excellent locational attributes. A new development on the site will offer good pocket sea view as well as unobstructed view of the landed housing estate in the Meyer Road vicinity,' said Suzie Mok, director of investment sales at Savills Singapore, which handled the sale.
    Amber Glades and Marine Point, both in the same vicinity, were recently sold to Far East Organization and CapitaLand for $118.1 million ($1,066 psf ppr) and $100.7 million ($1,056 psf ppr) respectively.

    Analysts have said that the collective sales market is picking up. Several transactions have been recorded so far this year. Last year, over 34 collective sales totalling $1.7 billion were recorded, data from Credo Real Estate showed.

    This was in stark contrast to 2009 when only one deal was struck.
    Several more collective sales tenders are set to close over the next few weeks, including those for Braddell Park, Coronation Grove, Newton Lodge and Pine Grove.
    Last edited by proper-t; 11-04-11 at 09:43.

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    The game of musical chair goes on and on
    Ride at your own risk !!!

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    MM penetrating MEYER! haha

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    The entire area is so cluttered.

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    Wonder how the devpt next to it - 16 Amber is doing?

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    http://www.businesstimes.com.sg/sub/...34139,00.html?

    Published April 11, 2011

    Amber Towers sold for $161.6m

    Owners can potentially receive up to $4.4m depending on unit size


    AMBER Towers has been sold in an en bloc deal to China Sonangol Land for $161.6 million, or $1,118 per square foot per plot ratio (psf ppr).

    The freehold Amber Towers site occupies an area of about 40,708 sq ft and can potentially accommodate a new high-rise residential development with a maximum permissible gross floor area of about 144,604 sq ft.

    The 35-year old development consists of 54 apartments. Owners can potentially receive up to $4.4 million depending on the size of their unit.

    'Amber Towers has excellent locational attributes. A new development on the site will offer good pocket sea view as well as unobstructed view of the landed housing estate in the Meyer Road vicinity,' said Suzie Mok, director of investment sales at Savills Singapore, which handled the sale.

    Amber Glades and Marine Point, both in the same vicinity, were recently sold to Far East Organization and CapitaLand for $118.1 million ($1,066 psf ppr) and $100.7 million ($1,056 psf ppr) respectively.

    Analysts have said that the collective sales market is picking up. Several transactions have been recorded so far this year. Last year, over 34 collective sales totalling $1.7 billion were recorded, data from Credo Real Estate showed.

    This was in stark contrast to 2009 when only one deal was struck.

    Several more collective sales tenders are set to close over the next few weeks, including those for Braddell Park, Coronation Grove, Newton Lodge and Pine Grove.

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    http://www.straitstimes.com/PrimeNew...ry_655353.html

    Apr 11, 2011

    Amber Towers sold for $162m

    It is biggest residential collective sale in 3 years, says broker; owners can get up to $4.4m each

    By Cheryl Lim


    AMBER Towers, a 35-year-old residential project in the Katong area, has been sold to Resource International Holdings, a unit of China Sonangol Land, for $161.6 million.

    This works out to a price of $1,118 per sq ft of gross floor area, also known as per plot ratio (ppr), said Savills Singapore, the agency that brokered the deal.

    Each owner will potentially receive up to $4.4 million, depending on the size of his unit.

    Savills Singapore brokered the deal through a tender exercise that closed on March 28.

    The Straits Times understands that while the final sale price is lower than the previous indicative guide price of $168 million to $172 million, it is higher than the owners' reserve price.

    The District 15 site, which currently contains 54 apartments, is 40,708 sq ft.

    It can be redeveloped into a high-rise condominium with a gross floor area of 145,813 sq ft.

    The plot could yield about 110 units, each about 1,200 sq ft in size.

    '(The sale of Amber Towers) is also the biggest transacted residential collective sale site in dollar terms over the past three years,' said Ms Suzie Mok, director of investment sales at Savills Singapore.

    Amber Towers is near Parkway Parade, Playground @ Big Splash and the upcoming mall in Katong.

    It is also in the vicinity of several schools such as Tao Nan School, Tanjong Katong Girls' School and the Canadian International School (Tanjong Katong Campus).

    Ms Mok added that any development on the site will command a good sea view as well as unobstructed views of a landed housing estate in the Meyer Road area.

    Last month, the freehold Fortredale at Tanjong Rhu was reportedly sold at about $65 million, which works out to about $1,342 psf ppr.

    Amber Glades, a development near Amber Towers, was also sold last month to Far East Organization for $118 million, which translates to $1,066 psf ppr.

    CapitaLand acquired Marine Point, another site nearby, in January for $101 million, or $1,056 psf ppr.

    Analysts say District 15 is now considered an alternative to the prime property districts of 9, 10 and 11, with some units at new project launches commanding prices of above $2,000 psf.

    Mr Tan Kok Keong, head of research and consultancy at OrangeTee, said: 'Foreign buyers, especially those from China and India, like the location because there's a big park and it's near the sea. Attributes like that are quite rare in their home countries.'

    [email protected]

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    Quote Originally Posted by Wild Falcon
    The entire area is so cluttered.
    Most high rise condo area is densely built up. Novena, Newton, Orchard, River valley, even the suburb Flora road/dr area is starting to get denser. Is there exception?

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