Amber Glades, which comprises two apartment blocks with 63 units in District 15, has been sold to Far East Organization (FEO) for S$118.12 million.
This works out to around S$1,066 psf ppr, inclusive of the S$4 million development charges (DC).
Colliers International, which brokered the deal, said the owners’ reserve price was met. They are expected to receive between S$1.34 million and S$2.24 million, depending on the unit size.
Zoned for residential use, Amber Glades has a total freehold land area of around 40,917 sq ft, with a gross plot ratio of 2.8. It can be redeveloped into a 22-storey apartment comprising 110 units with an average size of 1,000 sq ft each.
Amber Glades was launched for its fourth collective sale last month. It was first launched in 2007 with an indicative price of S$145 million, or about S$1,345 psf ppr, including development charges (DC). This was followed by launches in 2008 and in 2010, where its owners agreed on an asking price of S$130 million.