Amber Park sold for $906.7m in largest freehold sale

It could build a luxury condo with 800 units.

City Developments Limited (CDL) and Hong Leong real estate arm Hong Realty won the Amber Park en bloc tender for $906.7m, the largest en bloc sale in dollar value in Singapore to date.

According to CIMB, CDL and Hong Realty plan to redevelop the land parcel into a luxurious development with 800 condo units and basement carparks.

Amber Park sits on 213,675 sqft. land area with a potential gross floor area (GFA) of 598,290 sqft.

CIMB added the acquisition would enable CDL to replenish its land inventory in Singapore.

Breakeven cost could reach $2,000-$2,100 psf.

This is higher than the prices of near developments at $1,600-$2,200 psf.

With a selling price of $2,200 psf, the project could add 5 cents to CDL's revalued net asset value (RNAV).

CIMB analysts Lock Mun Yee commented, "This latest tender continues to reaffirm our optimism over the recovery of the private residential market. Declining completions over the next 2-3 years should be supportive of the nascent price recovery."

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