Singapore is a place where surprises can happen when you least expected. Records exist, with the purpose of making predictions and plans, but, apparently, these records don’t always reflect the current reality. The same happened in the case of Amber Park, a development that managed to break the records ever set in Singapore when it came to freehold collective sales. Located in the Amber Gardens and offering no less than 200 units, the beautiful development was sold for the incredible sum of $906.7 million to the Hong Leong Group. Cityzens Development and Hong Realty are the two companies from this group, with private ownership, which bid for this development and won. What will happen to Amber Park? Well, most certainly it will be redeveloped into something more spectacular.
With a total surface of 213,670 sq. ft. this development was created for residential purposes. There is a high probability that the Amber Park will remain a residential unit, turning into a building that can have anywhere between 24 and 26 stories, depending on the height-related criteria and controls concerning the technical aspects of the future building, which will be issued by the competent authorities.
Considering that this was the 4th time when this development was put out for a collective sale, the outcome is even more surprising. Eight different bidders struggled to get this unit, the incredible potential of Amber Park being revealed both by the sum for which it was sold but also for the increased interest among bidders. According to a general direction of JLL, Mr. Tan, you can’t find a similar property on Amber Road that is so readily available for redevelopment. Amber Park is the biggest development that was ever sold in this area, having great chances to remain the only property that has more than 200,000 sq. ft. that will ever be built here.
According to the statements coming from both Hong Realty and CDL, Amber Park will remain a residential unit in the future as well. Still, the plans of these two developers are quite ambitions, wishing to turn this property into a 25-storey Singapore condo that can provide no less than 800 luxurious units and a generous carpark located in the basement. A good number of the apartments that will be created here will enjoy gorgeous views of the sea, so there are high chances that a lot of people would want to become the happy owners of a unit in the new Amber Park development. How much will the developers make once they complete their development plan? Predictions say that taking into account the selling price of the current development, each of the owners could gain a sum within the range of $4.3 million and $8.3 million, which is definitely worth all this effort.
Learn more from link below
http://www.straitstimes.com/business/property/cdl-snaps-up-amber-park-for-9067m-setting-new-record-for-freehold-en-bloc-sale
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