The residential collective sale market may be quiet but this is not deterring residents of Amber Park condominium in Katong.
They are putting it up for tender by going en bloc on June 7 with a reserve price of $743.9 million. This works out to a land cost of $1,225 per sq ft per plot ratio, given the 213,676 sq ft site with a plot ratio of about 2.8.
Assuming an average unit size of about 753.5 sq ft, the site could yield 794 units, far more than its current 200, he added.
Completed in 1986, it comprises 192 units of 1,744 sq ft each and eight two-storey penthouses of 3,789 sq ft each.
This is its third attempt at going en bloc. The first in 2009 was hampered by the global financial crisis; the second in 2011 came very close. While over 80 per cent of owners by share value were in favour, fewer than 80 per cent were in favour by strata area – 79.6 per cent, or one unit short, said Mr Lim Lian Seng, chairman of the collective sale committee.
Nearby, Amber Towers – the site of upcoming Amber Skye – was sold en bloc at $1,118 psf in 2011. It is smaller at 40,708 sq ft and, as of April 30, its developers have sold 10 of 109 units at an average of $2,020 psf.
Amber Park will be a less than five minutes’ walk to the future Amber MRT station on the line.