A 40,708 sq ft freehold residential site, Amber Towers, has been sold to China Sonangol Land for S$161.6 million (around S$1,118 psf ppr).
The 35-year-old property, which comprises 54 apartment units, can be redeveloped into a new high-rise residential project with a maximum gross floor area (GFA) of 144,604 sq ft.
“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 marketed the property.
Owners of the property can potentially receive up to S$4.4 million, depending on the unit size.
Meanwhile, many property analysts said the collective sales market is picking up. According to data released by Credo Real Estate, more than 34 collective sales totalling S$1.7 billion were recorded last year.
Marine Point and Amber Glades, both located within the same vicinity, were sold to CapitaLand and Far East Organization for S$100.7 million (S$1,056 psf ppr) and S$118.1 million (S$1,066 psf ppr) respectively.