Far East Organization have bought Amber Glades enbloc site through a collective sale.
According to DBS, inclusive of a $4 million development charge, the land cost works out to be $1,066psf ppr.
Located at the Junction of Amber Gardens and Amber Road, the property is a 40,917sf freehold site with a potential GFA of 114,568sf. The deal is subject to Strata Titles Board approval. Far East plans to build a 22-storey block comprising 110 units with an average size of 1,000 sf on the land parcel.
DBS thinks that the price is reasonable and comparable to the sale of Marine Point bought by CapitaLand at $1,056psf ppr earlier this year. Based on DBS' initial estimates, DBS reckons the breakeven cost of the project could come in at $1500-1550psf.
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