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Thread: CDL snaps up Amber Park for $906.7m, setting new record for freehold en-bloc sale

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    Default CDL snaps up Amber Park for $906.7m, setting new record for freehold en-bloc sale

    https://www.edgeprop.sg/content/ambe...e-sale-768-mil

    "Amber Park has been launched for collective sale at a reserve price of $768 million, according to sole marketing agent JLL. The reserve price reflects a land rate of approximately $1,284 psf per plot ratio.

    Completed in 1986, the freehold Amber Park comprises 200 units across two 27-storey blocks. Under the 2014 Master Plan, the 213,670 sq ft site is zoned ‘residential’ with a gross plot ratio of 2.8, according to JLL. It can be redeveloped into a high-rise apartment development of around 24 to 26 storeys, depending on the technical height controls imposed by the relevant authorities. Development charges are not payable for the proposed redevelopment.

    Amber Park is located within walking distance to shopping malls and amenities such as Parkway Parade, Marine Parade Central, i12 Katong, and the East Coast Park. It is less than 200m away from the future Tanjong Katong MRT station."

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    This is one huge prime FH site for development. It is akin to Makena sort of land size but far fewer in units by comparison. I hope it goes through. I see these guys sapping up above $2 mil units easy if it goes through. We need more action in Amber-Meyer Road area.

    Looking ahead, Amber area is going to get really crowded as side-by-side plot of land get developed and re-developed.

    All the best!
    PropVestor

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    Default Amber Park launched for collective sale at $768 mil

    Amber Park launched for collective sale at $768 mil

    Fiona Ho / EdgeProp | August 28, 2017


    Amber Park has been launched for collective sale at a reserve price of $768 million, according to sole marketing agent JLL. The reserve price reflects a land rate of approximately $1,284 psf per plot ratio.

    Completed in 1986, the freehold Amber Park comprises 200 units across two 27-storey blocks. Under the 2014 Master Plan, the 213,670 sq ft site is zoned ‘residential’ with a gross plot ratio of 2.8, according to JLL. It can be redeveloped into a high-rise apartment development of around 24 to 26 storeys, depending on the technical height controls imposed by the relevant authorities. Development charges are not payable for the proposed redevelopment.

    Amber Park is located within walking distance to shopping malls and amenities such as Parkway Parade, Marine Parade Central, i12 Katong, and the East Coast Park. It is less than 200m away from the future Tanjong Katong MRT station.

    Mr. Tan Hong Boon, Regional Director at JLL, says that Amber Park could possibly be one of the last collective sale sites of above 200,000 sq ft in the area.

    “As far as we know, the last site with a land area above 200,000 sq ft that was transacted in this location was the ex-HUDC Amberville in 2006, which has been redeveloped into Silversea. Furthermore, Amber Park, with its large land area and freehold tenure, stands out amidst the many ex-HUDC or leasehold collective sale sites that are presently being marketed,” says Tan.

    He adds that Amber Park has a high development baseline and is therefore, insulated from the half-yearly development charge rate revisions by the Chief Valuer, with the next hike expected on 1 September 2017.

    “We expect strong interest for this site,” says Tan. The tender for Amber Park will close on October 3.

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    Next will be Katong Shopping Centre too...

    Wonder what the launch price will look like as FEO have also yet to tear down and re-develop Amber Glades. Will this cause the resale psf price of Amber area to go up??


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    there is much potential in the amber road area
    what do u think could be the launch price of this new condo should Amber Garden's be enbloc-ed?

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    Quote Originally Posted by aspirations View Post
    there is much potential in the amber road area
    what do u think could be the launch price of this new condo should Amber Garden's be enbloc-ed?
    1800-2000psf. same as the nursery plot which taken up by UOL earlier in the year

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    Default CDL snaps up Amber Park for $906.7m, setting new record for freehold en-bloc sale

    CDL snaps up Amber Park for $906.7m, setting new record for freehold en-bloc sale

    October 4, 2017

    Jacqueline Woo


    SINGAPORE - Amber Park, a 200-unit development in Amber Gardens, has been sold in Singapore's latest collective sale to two units linked to City Developments (CDL) for S$906.7 million.

    This makes it a record amount garnered in a freehold collective sale in Singapore to date, said marketing agent JLL.

    The winning bid also smashes the asking price of S$768 million.

    The units involved in the sale were CDL's wholly-owned subsidiary Cityzens Development, and joint-venture partner Hong Realty. Hong Realty is the private real estate arm of the Hong Leong Group, and holds a 20 per cent stake in the project.

    Under the 2014 Master Plan, the 213,670 sq ft Amber Park site is zoned for residential use, with a gross plot ratio of 2.8. It may be redeveloped to accommodate a high-rise apartment development of around 24 to 26 storeys, depending on the technical height controls imposed by the relevant authorities.

    Mr Tan Hong Boon, regional director at JLL, said in a statement on Wednesday (Oct 4) that the tender was "keenly contested" and attracted eight bids.

    The successful sale price of S$906.7 million reflects a land rate of about S$1,515 per sq ft per plot ratio, based on the allowable gross plot ratio of 2.8. Development charges are not payable for the proposed redevelopment.

    This is the fourth time that the property was offered for sale collectively.

    "There are not many sites of similar size that are available for redevelopment in the Amber Road location, as most of the larger projects have been sold en bloc and redeveloped over the years. Amber Park could possibly be one of the last collective sale sites with a land area above 200,000 sqft in this precinct," noted Mr Tan.

    "At this sale price, the owners would expect to receive gross sale proceeds of between S$4.3 million and S$8.3 million each."

    Separately, CDL said it is very familiar with the District 15 locale, having developed the existing 200-unit Amber Park itself, which was completed in 1986.

    CDL and Hong Realty plan to redevelop the site into a luxury condominium development comprising four 25-storey blocks with close to 800 units and a basement carpark, subject to approval. Most apartments will have a North-South facing orientation, with many units commanding sea views.

    CDL chief executive-designate Sherman Kwek noted that the Amber Park tender win marks one of the group's "most significant investment deals in the Singapore residential market in recent years"

    "CDL was the original developer for Amber Park in the 1980s and we are honoured to be able to redevelop the site into yet another iconic landmark. In addition to its strong locational attributes, a distinct advantage of this site is its freehold status, something that is increasingly rare in Singapore," said Mr Kwek.

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    Default Amber Park sold for S$906.7m to CDL in collective sale

    Amber Park sold for S$906.7m to CDL in collective sale

    OCT 04, 2017

    WONG KAI YI


    CITY Developments Limited (CDL) has successfully acquired Amber Park, a 200-unit, 213,670 square feet residential development at Amber Gardens for S$906.7 million.

    The sale was made to a joint venture of CDL's subsidiary Cityzens Development and Hong Realty by sole marketing agent JLL, a real estate services firm.

    The price works out to S$1,515 per square foot per plot ratio (psf ppr).

    The Amber Road site is minutes from East Coast Park and close to the central business district (CBD).

    Tan Hong Boon, regional director at JLL said: "The tender was keenly contested and attracted as many as eight tender submissions. The successful sale price of S$906.7 million reflects a land rate of approximately S$1,515 psf ppr, based on the allowable gross plot ratio of 2.8. Development charges are not payable for the proposed redevelopment."

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    land cost alone is already 1515psf

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    Old 200 units to become new 800 units project.

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    Quote Originally Posted by bargain hunter View Post
    land cost alone is already 1515psf
    Yes, with a plot ratio of 2.8

    Am I right to say that the developer bought a potential $4,242 psf of sellable GFA for a mere $1,515 psf of land?

    Is that how it works?

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    I am sure they will sell as 99yrs or 103yrs like The Shore @ Amber road

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    At $1515 psf ppr, it means that break-even price is about $2000 psf. CDL needs to sell at above $2000 psf to make any profit. So the strategy is again to build compact units. 800 units averaging 750 sqft in size may be the answer. Would you pay more than $2m for a 1000 sqft apartment there?

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    Quote Originally Posted by Amber Woods View Post
    At $1515 psf ppr, it means that break-even price is about $2000 psf. CDL needs to sell at above $2000 psf to make any profit. So the strategy is again to build compact units. 800 units averaging 750 sqft in size may be the answer. Would you pay more than $2m for a 1000 sqft apartment there?
    CDL may attempt a strategy similar to the positioning of Gramercy park and the upcoming New Futura. that is to sell a differentiated high end product at a premium. not sure if it will work in amber but looks like they will try it.

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    Quote Originally Posted by Lord Anus View Post
    Yes, with a plot ratio of 2.8

    Am I right to say that the developer bought a potential $4,242 psf of sellable GFA for a mere $1,515 psf of land?

    Is that how it works?
    nope. 1515psf is the "land cost" of the new units.

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    Quote Originally Posted by bargain hunter View Post
    CDL may attempt a strategy similar to the positioning of Gramercy park and the upcoming New Futura. that is to sell a differentiated high end product at a premium. not sure if it will work in amber but looks like they will try it.
    The Amber area with The Esta and One Amber being mass market RCR, it will not work to position the new development as Gramercy Park there.

    Meyer Road area may have some chance to succeed.

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    Quote Originally Posted by Amber Woods View Post
    The Amber area with The Esta and One Amber being mass market RCR, it will not work to position the new development as Gramercy Park there.

    Meyer Road area may have some chance to succeed.
    then i m not sure what they are thinking, but with the years of experience that they have, i'm sure they have a better idea than me.

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    Quote Originally Posted by bargain hunter View Post
    then i m not sure what they are thinking, but with the years of experience that they have, i'm sure they have a better idea than me.
    CDL just installed a new CEO in Sherman Kwek, the eldest son of KLB. He needs to impress with some positive results in land banking.

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    Indicator of land prices:

    Sun Rosier in Bartley - 1325 PSFPPR

    Amber Park - 1515 PSFPPR

    Nanak Mansions - 1420 PSFPPR

    The Albracca - 1409 PSFPPR

    Jervois Garden - 1511 PSFPPR
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    capitaland very malu, din win anything, tomorrow die die must whack normanton park. lol.

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    Quote Originally Posted by bargain hunter View Post
    capitaland very malu, din win anything, tomorrow die die must whack normanton park. lol.
    Developers are like property buyers, fear missing the boat.

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    Quote Originally Posted by Kelonguni View Post
    Indicator of land prices:

    Sun Rosier in Bartley - 1325 PSFPPR

    Amber Park - 1515 PSFPPR

    Nanak Mansions - 1420 PSFPPR

    The Albracca - 1409 PSFPPR

    Jervois Garden - 1511 PSFPPR
    add:
    river valley site won by roxy for 110m at 1582psf.
    sloane court 1613psf
    correct jervois garden to "only" 1373psf.

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    Quote Originally Posted by Amber Woods View Post
    CDL just installed a new CEO in Sherman Kwek, the eldest son of KLB. He needs to impress with some positive results in land banking.
    Wharton School kid

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    You can just take it as $1,515psf land cost. Rebuilding it will be around 2k psf BREAKEVEN.

    To earn money, they will have to whack those high floor with seaview. So no matter what, they have to sell > 2.2k psf after factoring in agent fees, marketing fees etc. High floor will be closed to 3k psf. I am not sure if it is a realistic price given that it is not a pure seaview (blocked by other buildings) and not really very very near to MRT. So half there, half not there.



    Quote Originally Posted by Lord Anus View Post
    Yes, with a plot ratio of 2.8

    Am I right to say that the developer bought a potential $4,242 psf of sellable GFA for a mere $1,515 psf of land?

    Is that how it works?

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    Quote Originally Posted by Laguna View Post
    Wharton School kid
    So was Donald Trump.

    Your point was..?

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    Forward 4 year pricing, no one knows for sure if 2.3 to 2.5KPSF will be considered cheap for this area.

    Current enbloc prices psf wise for my vicinity are even higher than the new property I bought in 2012. 4 years later, who knows? Maybe those who sell buy back the units?


    Quote Originally Posted by thomastansb View Post
    You can just take it as $1,515psf land cost. Rebuilding it will be around 2k psf BREAKEVEN.

    To earn money, they will have to whack those high floor with seaview. So no matter what, they have to sell > 2.2k psf after factoring in agent fees, marketing fees etc. High floor will be closed to 3k psf. I am not sure if it is a realistic price given that it is not a pure seaview (blocked by other buildings) and not really very very near to MRT. So half there, half not there.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Of course la. 4 years later, maybe surrounding transacting at 2.5k psf. Or maybe transacting at 1k psf. No one can see or foretell. Either scenario is plausible.




    Quote Originally Posted by Kelonguni View Post
    Forward 4 year pricing, no one knows for sure if 2.3 to 2.5KPSF will be considered cheap for this area.

    Current enbloc prices psf wise for my vicinity are even higher than the new property I bought in 2012. 4 years later, who knows? Maybe those who sell buy back the units?

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    Those who are honest to themselves will admit that it's going to go up.

    Only not sure how much or how fast.

    Quote Originally Posted by thomastansb View Post
    Of course la. 4 years later, maybe surrounding transacting at 2.5k psf. Or maybe transacting at 1k psf. No one can see or foretell. Either scenario is plausible.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Quote Originally Posted by bargain hunter View Post
    add:
    river valley site won by roxy for 110m at 1582psf.
    sloane court 1613psf
    correct jervois garden to "only" 1373psf.
    Sun Rosier in Bartley - 1325 psf ppr

    http://www.straitstimes.com/business...t-en-bloc-sale

    Amber Park - 1515 psf ppr

    http://www.channelnewsasia.com/news/...c-sale-9277902

    Nanak Mansions - 1429 psf ppr

    http://www.straitstimes.com/business...bloc-for-2011m

    The Albracca - 1409 psf ppr

    http://www.todayonline.com/business/...n-en-bloc-deal

    Jervois Garden - 1373 psf ppr

    http://www.channelnewsasia.com/news/...c-sale-9252794

    River Valley Road - 1362 psf ppr

    https://www.edgeprop.sg/content/roxy...y-road-110-mil

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    Quote Originally Posted by Arcachon View Post
    river valley road one does not include development charge at 1362psf.

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