The BT in 2011 reported that Far East Organization have bagged Amber Glades through a collective sale. The price is said to be $118.12 million, which works out to about $1,066psf ppr, inclusive of about $4 million in development charges (DC).
Colliers International brokered the deal through a tender exercise that closed last week. The owners’ reserve price has been met.
The deal is subject to approval by the Strata Titles Board. Amber Glades has a freehold land area of 40,917sqft and is zoned for residential use with a 2.8 plot ratio (ratio of maximum gross floor area to land area).
Far East can redevelop the site to accommodate a 22-storey block comprising 110 apartments with an average size of 1,000sqft each. Nearby, the property giant is developing Silversea and The Cape Condos.
The unit land price achieved for Amber Glades is comparable to the sale of Marine Point earlier this year at $1,056psf ppr.
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