For more affluent property buyers who are looking to buy a freehold condo in the East, they typically come to decide between two mid-to-upscale residential areas of District 15: Amber Road and Meyer Road.
Location-wise, these two prime city fringe neighbourhoods are just right next to each other, but visit both of them and you’ll realise that they actually have very different qualities. To make things easier for homebuyers and investors, here’s our in-depth analysis of the Amber and Meyer Road residential areas in D15, and how the freehold condos there stack up against one another.
Resale price of non-landed properties in districts 15 and 10 have risen significantly said Edmund Tie & Company‘s (ETC) caveat analysis of URA Realis data. The price increase which includes the Katong and Amber Road areas follows news of the Amber Park and Royalville en bloc sale last year.
The caveat analysis considered resale transactions in the 2017-2018 period and compared deals before and after the two collective sales (excluding outliers). The analysis notes that transacted prices at Mandarin Gardens have gone up by an average of 12 per cent since the Amber Park deal – suggesting that developments at en bloc attempt stage are also enjoying higher premiums.
With the en bloc beneficiaries at Amber Park expecting to collect their sale proceeds soon, owners of condominiums in the neighbourhood are enjoying a price uplift.
The 200-unit Amber Park was sold en bloc to listed property developer City Developments (CDL) last October for $906.7 million, or $1,515 psf per plot ratio (ppr). Owners of typical three-bedroom units in the project will receive $4.376 million each, while penthouse owners will pocket $8.3 million each. Based on the land rate of $1,515 psf ppr, CDL is expected to price the new 600-unit development, called The Opus, at $2,300 to $2,400 psf.
