Three adjoining landed properties at Amber Road in the East Coast district have been put up for sale by tender.
Marketing agent Credo Real Estate said the three plots of land are owned by separate owners, who have consented to sell collectively in a joint tender exercise.
The freehold sites have a combined land area of approximately 28,400 square feet (sq ft).
Credo said the sellers are expecting offers in the region of S$73 million to S$80 million.
This reflects a land rate of about S$1,243 to S$1,318 per square foot per plot ratio (psf ppr) for redevelopment up to a gross plot ratio of 2.8 and after factoring an estimated development charge in the region of S$25 million.
Credo’s executive director, Yong Choon Fah, said the “entire plot may be redeveloped into a high-rise residential development of over 20 storeys with partial sea views”.
She added that the potential gross floor area of about 79,500 sq ft may accommodate some 75 apartments with an average size of 1,000 sq ft.
According to Ms Yong, these three plots at Amber Road are the last standing landed properties in the area, which is a well-known address for high-rise condominiums that have command views of the sea.
Ms Yong added: “District 15 has always been a traditional favourite amongst both foreign and local homebuyers due to its proximity to the airport, East Coast Park, reputable schools and established amenities at Parkway Parade and East Coast Road.”
The tender closes at 2.30pm on June 22.
Source : CNA – 2012 May 23
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