Yahoo Finance Amber Road property up for sale from $56.6 mil
A freehold site on Amber Road (below) has been put up for sale by expression of interest (EOI). The vendors are expecting offers of $56.6 million to $61 million, or $1,199 to $1,268 psf per plot ratio (ppr), for the site. JLL has been appointed the marketing agent on behalf of the executors of the estate of the late owner.
Located close to the future Tanjong Katong MRT station on the Thomson-East Coast Line, the 22,800 sq ft residential site has an allowable gross plot ratio of 2.8. According to JLL, a developer could configure the allowable gross floor area (GFA) of 63,820 sq ft into a maximum of 84 apartments with an average size of 753 sq ft.
Yong Choon Fah, national director at JLL, estimates that development charges will be in the region of $20 million, subject to verification.
Source: JLL
The land parcel, which currently houses four vacant old houses, is “one of the last remaining undeveloped plots along the stretch of Amber Road, a location known for its high-rise apartments and seaside living”, says Yong. The EOI exercise will close on Sept 21.
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