April media

Amber Towers sold for $161.6m

April 12, 2011Amber Towers has been sold in an en bloc deal to China Sonangol Land for $161.6 million, or $1,118 per square foot per plot ratio (psf ppr).

The freehold Amber Towers site occupies an area of about 40,708 sq ft and can potentially accommodate a new high-rise residential development with a maximum permissible gross floor area of about 144,604 sq ft.

The 35-year old development consists of 54 apartments. Owners can potentially receive up to $4.4 million depending on the size of their unit.

‘Amber Towers has excellent locational attributes. A new development on the site will offer good pocket sea view as well as unobstructed view of the landed housing estate in the Meyer Road vicinity,’ said Suzie Mok, director of investment sales at Savills Singapore, which handled the sale.

Amber Glades and Marine Point, both in the same vicinity, were recently sold to Far East Organization and CapitaLand for $118.1 million ($1,066 psf ppr) and $100.7 million ($1,056 psf ppr) respectively.

Analysts have said that the collective sales market is picking up. Several transactions have been recorded so far this year. Last year, over 34 collective sales totalling $1.7 billion were recorded, data from Credo Real Estate showed.

Date: 11 April 2011 | For the full report, please visit http://www.businesstimes.com.sg

Amber Skye Location

Amber Skye is located at No. 8 Amber Road off Tanjong Katong Road, in District 15. This is the former location of Amber Towers which was enbloced. The future Amber MRT Station on the Thomson-East Coast Line will be located directly opposite Amber Skye. Six landed properties along Amber Road and one three-storey walk-up apartment along Tanjong Katong Road will be enbloced for the development of the MRT. They are marked in red in the map below.

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Amber Skye condo relaunched, priced up to $2,500 psf

Mar 24, 2015

Although Singapore’s lacklustre property market has caused developers to create smaller no-frills units at reduced prices, there are still many home buyers enquiring about larger apartments, according to the developers behind Amber Skye.

Located along Amber Road in prime District 15, the freehold 109-unit condominium by China Sonangal Land and OKP Land was relaunched last Saturday following its September 2014 launch, and offers some of the largest units in the area.

For instance, the two- and three-bedroom units go up to 1,281 and 1,528 sq ft respectively, which are larger than similar units in other launches. The project also has six penthouses ranging from 3,300 to 4,100 sq ft as well as two 5,177 sq ft ‘grand villas’ that span two floors.

The indicative price range is from $1,680 to $2,500 psf.

A spokesperson for the developers said: “Despite the recent pessimistic outlook of the property market, we believe that there remains a smaller, but nonetheless significant, group of people who are looking to purchase larger units for their occupation. Since the launch of Amber Skye last year, we have been receiving much feedback from our marketing agents on buyers enquiring about our larger units. Coupled with recent market statistics reflecting a strong demand for bigger units in Singapore, we are confident that Amber Skye is poised to fill the gap in the market.”

Media reports earlier this month revealed that the median unit size purchased by private home buyers here has risen from 1,065 sq ft in the first half of 2013 to 1,119 sq ft in the last six months of 2014.

Located within the Tanjong Katong area, the development is close to East Coast Park and Changi Airport. With the future Amber MRT station on the Thomson-East Coast Line also nearby, residents will have easy access to Orchard Road and the city centre.

Amber Skye’s expected TOP is in 2017.

1st Quarter 2011 Real Estate Statistics  URA

Strong demand in Hedges Park Condominium - CNA 18 April 2011
Private home sales rebound after 4-month low-  CNA 18 April 2011
Record price set for EC land in Tampines - BT 16 April 2011
Are completed properties baring the brunt of cooling measures?
The price of progress 14 April 2011
Economics and returns on investment should not always be placed at the very top of every list of parameters for urban renewal. If the decision were mine, I would put “space” near the top of every list. Can we factor in the luxury of space for ourselves and our future generations?
Sufficient land supply in the next 10 years - CNA 14 April 2011
Some en bloc properties unsold as developers turn picky - CNA 13 April 2011
Developers shun some prime en bloc properties - Today 13 April 2011

Still, analysts note that government land prices for mass market projects are increasing, with the most recent tender for a Bendemeer site dealt at a whopping S$543 million.

Mr Karamjit Singh, managing director of Credo Real Estate, said: “Mass market land values have risen by a much greater extent than prime. At this point in time, some developers are still divided. Some seem to be very contented playing in the mass market segment because they are enjoying the best volumes in the segment. But there are some developers out there who are beginning to realise that they need to look ahead of the curve and look at what is the next wave."”

Lawyers prohibited from holding conveyancing money in clients’ accounts  CNA - 11 April 2011
Property market gains 99.7b in Q1 - Today 7 April 2011
Haig Mansions goes on sale - Property Guru 5 April 2011 
Fortredale reportedly goes for record S$65 million - PropertyGuru 5 April