Trying for Enbloc again

STB Approves Sale of Amberville

Green light for Amberville sale

July 20, 2007 THE Strata Titles Board (STB) yesterday gave the order for sale of Amberville in the Katong area.

This marks the first collective sale of a privatised HUDC estate to be approved by STB, which has to give its nod for all en bloc sales that do not have owners’ unanimous consent. Rodyk & 

Davidson represented the majority owners/sellers of Amberville. The estate comprises 168 units, and owners of eight units had objected to the collective sale to Far East Organization for $183 million.

The deal, announced in January, works out to a higher-than-expected unit land price of $396 per square foot per plot ratio, inclusive of two payments Far East will have to make to the state – an estimated development charge of $35.2 million and a further payment of $23.8 million to top up the site’s lease from the remaining 71 years to the original 99 years.

Since Amberville, the only other privatised HUDC estate to be sold is Waterfront View facing the Bedok Reservoir. It has been sold to a joint venture between Far East and Frasers Centrepoint, although this will be subject to STB’s approval.

The collective sale of Gillman Heights in the Depot/Alexandra roads location is being launched today.

Other privatised HUDC estates where collective sales are being worked on at various stages include Minton Rise, Farrer Court, Pine Grove, Laguna Park, Lakeview and Tampines Court, say property agents.

Source : Business Times – 19 Jul 2006

Amberville Sold for $183m