The collective sales fever has become a little more intense with the announcement yesterday of the sale of two freehold condominiums.
The owners of Jervois Gardens, a 17-apartment condo off River Valley Road, want $ 68 million for their estate while Amber Park on the east coast is on the market for a minimum price of $ 768 million.
Built in the mid-1980s, Amber Park consists of two 27-story blocks. As part of the 2014 Master Plan, the 213,670 square foot site with a gross ratio of 2.8 could accommodate a development of approximately 24 to 26 floors.
But the large site has an eligible gross floor area (ABA) of 598,300 square feet, which means nearly 800 units averaging 70 square meters each can be built, said sole marketer JLL.
The Amber Road area is an established private residential enclave that is popular with locals and expats alike, due to its proximity to the central business district and the airport, and its attractiveness of being just a few minutes walk away. walk to the beach at East Coast Park, JLL said.
The reserve price of $ 768 million corresponds to a ratio of approximately $ 1,284 per square foot per plot. Development charges are not payable for the proposed redevelopment, Tan said.
The 80m frontage of the site on Amber Road can offer developers a certain degree of flexibility in the design of new apartments to maximize the number of units facing the sea.
The call for tenders for Amber Park ends on October 3.
Jervois Gardens is launching its tender sale today, said Colliers International marketing agent.
It comprises two blocks of four floors without elevator of 14 maisonettes and three apartments.
The site is regular in shape with an area of approximately 34,038 square feet. It could be redeveloped into a five-story development comprising 60 units of approximately 850 square feet each.
The call for tenders for the Jervois Gardens will close on September 26.