Amber Park Luxury Condo by 2023 - The highly sought after project
City Developments (CDL) and Hong realty (a subsidiary of the Hong Leong Group) bought ownership of Amber Park Condo in the en-bloc sale in Singapore.
Being the fact that the en bloc sale drawed attention of big bidders in the field, CDL eventually won the bid with Amber Park Price reaching S$906.7 million in single of the largest JV in the local. The sale price of Amber Park CDL translates to a land ratio of approximately S$1,515 per square feet per plot ratio according to the allowable GPR of 2.8 without development fees on the redevelopment. Hong real estate and Cityzens Development list the 200-unit involved with Hong real estate owning a 20% stake of the project.
Based on the 2014 master plan, Amber Park site occupying about 213,670 sq ft is a area for residential purposes. Every of the individual owner of the condo will receive gross sales proceeds averaging between S$4.3 million and S$8.3 million. As the original developer of the prior 200-unit Amber Park condo built in 1986, CDL claim that they understand the greatest what is suitable for the place. The developer intentions to redevelop the place to house luxury condos including up to four 25-storey buildings accommodating about 800 units plus a car park in the basement, a concept subject to approval. According to CDL, many of the units at Amber Park condo will be designed with a North-South facing orientation which allows the future residents of Amber Park condo to enjoy the stunning seaview. The upcoming iconic landmark is anticipated to be an ideal investment deal to reach the residential Market of Singapore. The unparalleled development place will benefit both investors and CDL in view of the fact that 999-year properties in Singapore are scarce. when completed, the Amber Park condo definitely provides a perfect place for people who work in the area to pocess an awesome living experience.
Amber Park condo is well situated in a mature area making it a highly sought after area. With many ongoing projects in the same area, Amber Park has potential which will offer lots of benefits to the residents. Additionally, the strategic location also allows Amber Park to enjoy the excellent connection to other areas of Singapore and access to many amenities. This neighbourhood is known for the rich cultural heritage and delicious foods, and is minutes away to malls such as Parkway Parade and I12 Katong, and reputable schools such as Tao Nan and Ngee Ann Primary, Tanjong Katong Primary, and CHIJ (Katong).
Amber Road, as well as the surrounding private residential area, has long had a loyal following, from both locals and expats for its location: minutes walk to the sea and to East Coast beach, and within 15 minutes drive from the Raffles CBD, Marina Bay, and Changi Airport. In addition to appealing locational characteristics, a unique advantage of the place is its freehold status, one thing that is becoming increasingly scarce in Singapore, said Mr Sherman Kwek, CEO-designate of CDL. With all these factors including the stunning sea views, as well as its proximity (290 metres, no more than 4 minutes walk) to the upcoming Tanjong Katong MRT station due for completion in 2023, healthy demand is expected for this condo.
City Development Ltd is a prominent real estate developer doing business in numerous regions around the world. The Singapore listed developer has built its presence in 100 locations covering 28 countries as well as territories. It is also one of the biggest companies with regard to market capitalization with a stable income and a varied portfolio which covers serviced apartments, hotels, offices, shopping malls and integrated developments. The developer has operated in the real estate industry exceeding 50 years providing services in real estate management, investment, and development. In the past, the company has built over 40, 000 homes and it owns a lum sum of 18 million square feet lettable floor area globally. Its key localities of operations include Singapore, Australia, Japan, UK, and China. CDL’s London based and listed subsidiary, Millenium & Copthorne Hotels plc is a top lodge chain globally. It has more than 135 hotels globally situated in key gateway cities. With a proven track record of 50 years, CDL has built more than 40,000 homes globally and got numerous prestigious awards, such as, Quality Excellence Awards, Building and Construction Authority Awards, Workplace safety and Health Awards, etc. For over 20 years, the company has been working for green innovations to construct bold and inspiring green buildings for a brighter future. With such proven reputation, future home owners of Amber Park can expect a luxury home to live in upon completion.
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