Amber Glades, a freehold residential block in District 15, has been releaunched for en bloc sale with an indicative price of S$120 million, or S$1,078 psf ppr.
This is the fourth time Amber Glade has been put up for sale. It was first launched for sale in 2007, with a price tag of S$145 million or approximately S$1,345 psf ppr, inclusive of the development charge. Its second and third attempts were made in 2008 and August last year, with an indicative price of S$130 million.
The 63-unit property comprises two 10-storey blocks that sits on a 40,917 sq ft land parcel. It is zoned for residential use under the 2008 Master Plan, with a gross plot ratio of 2.8.
Colliers International, which is marketing the property, said the latest indicative price is comparable to that of Marine Point, which changed hands at S$1,056 psf ppr.
It added that successful buyers can redevelop the property into a 22-storey block comprising 100 units with an average size of approximately 1,050 sq ft each.
“Amber Glades is perhaps one of the last few freehold sites in the Amber area suitable for a mid-sized development,” said Tang Wei Leng, Executive Director of Investment Services at Colliers International. “This site would appeal to niche developers who are familiar with the area or developers who are looking to replenish their land banks.”
Amber Glades residents are expected to receive S$1.34 million to S$2.24 million each from the en bloc sale, depending on the unit size.
Colliers said the tender for the site will close on 2 March.