A joint venture by City Developments (CDL) and Hong Realty has secured the successful en bloc sale of Amber Park. The price tag of $906.7 million sets a new record for a collective sale of a freehold property and is also a whopping 18% above the initial asking price of $768 million. It works out to about $1,515 psf per plot ratio.
The winning bid went to a subsidiary of CDL, Cityzens Development, and Hong Realty who owns a 20% stake in the bid. They have plans to redevelop the site into a luxury condominium comprised of four 25-storey towers housing 800 units overseeing panoramic views of East Coast Park and the sea.
This was Amber Park’s fourth attempt at a collective sale and the exercise attracted a total of 8 bids.
Read more at the Straits Times website