Two freehold condos up for sale, Latest Business News - The New Paper

Two freehold condos up for sale

This article is more than 12 months old

The collective sale fever just got a bit hotter with news yesterday of two freehold condominiums up for sale.

Owners at Jervois Gardens, a condo of 17 apartments off River Valley Road, want $68 million for their estate while Amber Park in the East Coast is on the market for a minimum price of $768 million.

Built in the mid-1980s, Amber Park comprises two 27-storey blocks. Under the 2014 Master Plan, the 213,670 sq ft site with a gross plot ratio of 2.8 could accommodate a development of around 24 to 26 storeys.

But the big site has an allowable gross floor area (GFA) of 598,300 sq ft, which means close to 800 units averaging 70 sq m each can be built, said sole marketing agent JLL.

The Amber Road area is an established private residential enclave that is popular with both locals and expatriates, due to its proximity to the central business district and the airport, and its appeal of being only a few minutes' walk to the beach at East Coast Park, said JLL.

The reserve price of $768 million works out to approximately $1,284 per sq ft per plot ratio. Development charges are not payable for the proposed redevelopment, said Mr Tan.

The site's 80m frontage in Amber Road may offer developers some degree of flexibility in designing the new apartments to maximise the number of sea-facing units.

The tender for Amber Park closes on Oct 3.

Jervois Gardens launches its sale by tender today, said marketing agent Colliers International.

It comprises two four-storey walk-up blocks of 14 maisonettes and three apartments.

The site is regular in shape with a site area of approximately 34,038 sq ft. It could be redeveloped into a five-storey development comprising 60 units of about 850 sq ft each.

The tender for Jervois Gardens will close on Sept 26.