Published 22 February 2011
The Business Times
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’.