SINGAPORE (Oct 4): City Developments (CDL) and its joint venture partner have successfully acquired Amber Park at $906.7 million, setting the record as Singapore’s largest freehold collective sale by dollar value.

The property has an area of 213,675 sf, plot ratio of 2.8 and allowable Gross Floor Area of about 598,290 sf.

CDL’s wholly-owned subsidiary Cityzens Development and joint-venture partner Hong Realty plan to redevelop the site into a luxury condominium comprising four 25-storey blocks with close to 800 units and a basement carpark.

The winning bid washigher than the asking price of $768 million. It was submitted by CDL’s wholly-owned subsidiary Cityzens Development and joint-venture partner Hong Realty (Private) Limited. Hong Realty is the private real estate arm of the Hong Leong Group and holds a 20% stake in this project.

Sherman Kwek, CDL CEO-Designate, says, “This is one of our most significant investment deals in the Singapore residential market in recent years. CDL was the original developer for Amber Park in the 1980s and we are honoured to be able to redevelop the site into yet another iconic landmark. In addition to its strong locational attributes, a distinct advantage of this site is its freehold status, something that is increasingly rare in Singapore.”

Tan Hong Boon, Regional Director at JLL says: “The tender was keenly contested and attracted as many as eight tender submissions. The successful sale price of $906.7 million reflects a land rate of approx. $1,515 psf per plot ratio, based on the allowable gross plot ratio of 2.8. Development charges are not payable for the proposed redevelopment”.

“There are not many sites of similar size that are available for redevelopment in the Amber Road location, as most of the larger projects have been sold en bloc and redeveloped over the years. Amber Park could possibly be one of the last collective sale sites with a land area above 200,000 sqft in this precinct,” says Tan.

“At this sale price, the owners would expect to receive gross sale proceeds between $4.3 million and $8.3 million,” adds Tan.

As at 12.17pm, shares in CDL are trading 2 cents higher at $11.46.