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6 Land Sites sold for
New Upcoming Condo re-developments

Former En-Bloc sites of 
- Katong Park Towers, - Casa Meyfort,
- Amber Park, - Parkway Mansions
- Nanak Mansions and - Albracca

Short walking distance to Upcoming
Tanjong Katong MRT Station,
Thomson East-Coast Line

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More Information and Updates!

PROJECT DETAILS

 
 

Six land parcel sites which are all walking distance to the upcoming Katong Park and Tanjong Katong MRT Station serving the Thomson East-Coast Line (TEL), located at the Eastern Region of Singapore, were sold for New and Upcoming Condo developments in the 3rd quarter of 2017, through collective sales.

 

The former land sites namely,
- Katong Park Towers,
- Casa Meyfort,
- Amber Park,
- Parkway Mansions,
- Nanak Mansions and
- Albracca
are
 located along Meyer Road and in the vicinity of Amber Gardens are allocated to be developed into private residential condominiums.

 

Bukit Sembawang Estate submitted the top bid of S$345 million for the sales of Katong Park Towers, which translates to a land rate of

 

Guocoland submitted top bid of S$319.88 million for the site of Casa Meyfort, which translates to a price of 

 

CDL Developments submittted the top bid of S$906.7 million for the site of Amber Park, which has a large land site of more than 200,000 square feet. This translates to a price of S$1,515 per square foot per plot ratio, inclusive of development charges.

 

Sustained Land led conortium submitted the top bid of S$146.99 million for the site of Parkway Mansion, which translates to S$1,536 per square feet per plot ratio, inclusive of development charges.


UOL submitted the top bid of S$201.08 million for the site of Nanak Mansions, which translates to a price of S$1,429 per square per plot ratio, inclusive of development charges.

 

Sustained Land submitted the top bid of $69.1 million for the site of Albracca, which translates to a land rate of about $1,409 per square foot per plot ratio, inclusive of development charges.

 

New Condo Launches in Amber Gardens and Meyer Road- Connectivity
Residents of new and upcoming condos in Amber Gardens can be served by the Tanjong Katong MRT Station (Thomson East-Coast Line) which will start operating in 2023. 
 As of now, the current nearest Datoka Circle Line MRT station is just a short drive away from new condos at Amber Gardens. Located in the prime location, a 5 minutes’ drive will get future residents of new condos at Amber Gardens to the downtown Financial District and Marina Bay New Downtown. New Condo at Amber Gardens residents can also take an 6 minutes’ drive down to the Orchard Shopping Belt for a weekend shopping spree. The nearby East Coast Parkway (ECP), Kallang Paya Lebar Expressway (KPE) and the Pan Island Expressway (PIE) makes island wide traveling a breeze.

 

New Condo Launches in Amber Gardens and Meyer Road- Amenities
For accessing to dining, shopping and entertainment facilities, future residents of new condos at Amber Gardens can take a 5 minutes’ drive down to Katong Shopping Centre, The Odeon Katong, Paramount Shopping Complex, Roxy Square, Parkway Parade, 112 Katong and Leisure Park Kallang where useful amenities such as food courts, supermarkets, retail outlets, F&B outlets and departmental stores are located which will bring everyday conveniences in terms of their daily shopping and dining needs.


New Condo Launches in Amber Gardens and Meyer Road- Education
Local school such as Tanjong Katong Primary School, Kong Hwa School, Chung Cheng High School (Main), Dunman High School, Northlight School, Tanjong Katong Girls’ School, Broadrick Secondary School and Tanjong Katong Secondary School are also located within short distance from new and upcoming condos at Amber Gardens.


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Project  New Condo at Meyer Road at former site of Katong Park Towers
Developer  Bukit Sembawang Estate
Location  Arthur Road
District  15
Tenure  99 years leasehold
Site Area  13,076 square metres/ 140,758 square feet
GFA:  2.1
Plot Ratio
Expected TOP:
Total Units  Approximately residential apartments
Total Carpark
Development  Private condominium comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigners can buy

Project  New Condo at Meyer Road at site of Casa Meyfort
Developer  Guocoland
Location  Meyer Road
District  15
Tenure  Freehold
Site Area  79,919 square metres/  85,249 square feet
GFA:  22,175 square metres/238,697 square feet
Plot Ratio  2.8
Expected TOP:
Total Units  Approximately residential apartments
Total Carpark
Development  Condo comprising of communal facilities
Unit Type:
Architect
Eligibility SC/ SC, SC/SPR and Foreigner can buy
 
Project  New Condo at Meyer Road at former site of Amber Park
Developer  CDL Developments
Location  Amber Gardens
District  15
Tenure  Freehold
Site Area  19,850 square metres/ 213,670 square feet
GFA:
Plot Ratio  2.8
Expected TOP:
Total Units  Approximately 800 residential apartments
Total Carpark
Development  Private condominium comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigners can buy
 
Project  New Condo at former site of Parkway Mansion
Developer  Sustained Land Consortium
Location  Amber Road
District  15
Tenure  Freehold
Site Area   3,620 square metres/ 38,965 square feet
GFA:  10,138.5 square metres/ 109,130 square feet
Plot Ratio  2.8
Expected TOP:
Total Units  Approximatley residential apartments
Total Carpark
Development  Condo comprising of communal facilities
Unit Type:
Architect
Eligibility SC/ SC, SC/SPR and Foreigner can buy
 
Project  New Condo at Meyer Road at former site of Nanak Mansions
Developer  UOL
Location  Meyer Road
District  15
Tenure  Freehold
Site Area  10,185 square metres/ 109,631 square feet
GFA:
Plot Ratio  1.4
Expected TOP:
Total Units  Approximately 203 residential apartments
Total Carpark
Development  Private condominium comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigners can buy
 
Project  New Condo at Meyer Road at former site of Albracca
Developer  Sustained Land
Location  Meyer Road
District  15
Tenure  Freehold
Site Area  2,173 square metres/23,400 square feet
GFA:  4,564 square metres/49,130 square feet
Plot Ratio  2.1
Expected TOP:
Total Units  Approximately 65 residential apartments
Total Carpark
Development  Private condominium comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigners can buy

LOCATION and AMENITIES

Amenities Nearby Amber Gardens

Category Important Amenities in the vicinity of Amber Gardens Approximate Distance
Train Stations Dakota (CC8)
Tanjong Katong (TE25) Thomson East Coast Line Due 2023
Katong Park (TE24) Thomson East Coast Line Due 2023
km
km
km
Bus Stop CP B1 (Bus: 401) km
Supermarkets Fairprice (Esso Mountbatten)
Cold Storage (Parkway Parade)
Giant (82 Marine Parade Central)
Sheng Siong (301 Geylang Road)
km
km
km
km
Shopping Malls Katong Shopping Centre
The Odeon Katong
Paramount Shopping Complex
Roxy Square
Parkway Parade
I12 Katong
Leisure Park Kallang
km
km
km
km
km
km
km
Education Institutions Preschool
Montessori For Children (Broadrick Campus)
Schoolhouse By The Bay
PCF Mountbatten Blk 14
PCF Mountbatten Blk 51
Saint Hilda’s Church Kindergarten
Kinderland Preschool (Marine Parade)
Tung Ling Kindergarten
White Lodge Kindergarten (East Coast)
Holy Family Kindergarten
Chen Li Kindergarten
km
km
km
km
km
km
km
km
km
km
Primary
Tanjong Katong Primary School
Kong Hwa School
km
km
Secondary
Chung Cheng High School (Main)
Dunman High School
Northlight School
Tanjong Katong Girls’ School
Broadrick Secondary School
Tanjong Katong Secondary School
km
km
km
km
km
km
Junior College
Dunman High School km
Tertiary
Singapore Management University km
International
Canadian International School (Tanjong Katong Campus)
Chatsworth International School (East Campus)
km
km
Food Centre Jalan Batu Block 4A Market & Food Centre
Old Airport Road Block 51 Market & Food Centre
Kallang Estate Fresh Market & Food Centre
84 Marine Parade Central Market & Food Centre
Dunman Food Centre
km
km
km
km
km
Lifestyle East Coast Park
Chinese Swimming Club
Singapore Swimming Club
The Eurasian Association
Kallang Cricket Ground
Kallang Netball Centre
Kallang Squash & Tennis Centre
km
km
km
km
km
km
km

FACILITIES SITE and FLOOR PLANS E-BROCHURE

The Facilities and Site Plan of New Condos in the vicinity of Amber Gardens are currently seeking approval from relevant authorities.

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KATONG PARK TOWERS SOLD TO BUKIT SEMBAWANG

1) SINGAPORE - The obscene windfall an enbloc sale can bring to lucky homeowners can best be exemplied by the sale of Katong Park Towers, a 99-year leasehold condominium that has seen better days.

The owner of the biggest penthouse in the development will rake in a cool $12.08 million after a unit of Bukit Sembawang Estates bought the estate for $345 million following a competitve tender.

There are altogether five penthouses and these owners can expect to received proceeds ranging from $4.95 million to $12.08 million.

"These premiums are fairly substantial, compared to units which were sold individually in the open market," said Cushman & Wakefield, which brokered the deal.

Other owners will receive proceeds ranging from $2.25 million to $3.23 million, depending on their floor area and size.

The sale price was some 20 per cent above the reserve price of $288 million.

Katong Park Towers, which comprises 111 standard apartments, five penthouses and two commercial units, sits on a land area of 140,758 sq ft.

It is located about 200 metres from the future Katong Park MRT Station, which is slated for completion in 2023.

According to Singapore's 2014 Master Plan, the site is zoned "residential", with a plot ratio of 2.1 and a maximum building height of up to 24 storeys. The site is not affected by any traffic impact study.

The recent increase in development charges in this precinct has minimal impact on the price as Katong Park Towers has a fairly high baseline.

At the sale price of $345 million, the land rate for Katong Park Towers translates to $1,280 per sq ft per plot up to the development baseline, taking into account an estimated $60 million for the lease upgrading premium.

Mr Ng Chee Seng, CEO of Bukit Sembawang Estates said: "We are pleased to be awarded this coveted residential address in a prime district. Our planned development is nestled in low-rise landed houses along Meyer & Mountbatten Road, and will offer rare, unobstructed panoramic views of the city skyline.

"We see good potential in this site because it is well-connected to the future Katong Park MRT Station. With Katong's rich heritage and rejuvenation initiatives under the Kallang Masterplan, we are confident that this will be another quality development added to our portfolio."

GUOCOLAND BOUGHT FORMER SITE OF CASA MEYFORT

2) GuocoLand has announced that the group has exercised its option to acquire the 76-unit freehold condo, Casa Meyfort for $319.88 million (or $1,580 psf ppr) via a collective sale.

Situated along Meyer Road, Casa Meyfort spans across a land area of around 85,249 square feet and under the URA Master Plan 2014, the site has a 2.8 gross plot ratio.

Casa Meyfort was completed back in 1992 and the development boasts an excellent view of the sea along the eastern coastline of Singapore, the Central Business District and also overlooking the landed residential estate at Mountbatten Road. It is along located within just 600 metres from the future Katong Park MRT station (part of the new Thomson East-Coast MRT line).

It’s being reported that the Casa Meyfort en bloc deal may be one of the last couple of collective sales (for private residential developments) to be concluded before the new property cooling measures take effect on 06 July 2018.

Market watchers believe that GuocoLand (also the developer for Martin Modern and Wallich Residence) went on to proceed with its option (issued before 06 July 2018) despite the property cooling measures in place due to the fact that there aren’t many freehold sites available within the vicinity and the size of the future new launch at Meyer Road will be of a manageable scale.

Under the new Additional Buyers Stamp Duty (ABSD) rates, any other new deals, on or after 06 July 2018, for property developers will result in higher cost and capital outlay.

It was noted that Casa Meyfort was initially launched for collective sale back in December 2017 at a reserve price of $340 million, but unfortunately, no deals were being struck. It was later on relaunched for sale in April 2018 with an asking price of $340 million and a reserve price wasn’t disclosed during then. The tender was closed on 21 May 2017.

CDL WON TOP BID FOR CONDO SITE OF FORMER AMBER PARK, EN-BLOC SALES, SHORT DISTANCE TO TANJONG KATONG MRT STATION

3) SINGAPORE - Amber Park, a 200-unit development in Amber Gardens, has been sold in Singapore's latest collective sale to two units linked to City Developments (CDL) for S$906.7 million.

This makes it a record amount garnered in a freehold collective sale in Singapore to date, said marketing agent JLL.

The winning bid also smashes the asking price of S$768 million.

The units involved in the sale were CDL's wholly-owned subsidiary Cityzens Development, and joint-venture partner Hong Realty. Hong Realty is the private real estate arm of the Hong Leong Group, and holds a 20 per cent stake in the project.

Under the 2014 Master Plan, the 213,670 sq ft Amber Park site is zoned for residential use, with a gross plot ratio of 2.8. It may be redeveloped to accommodate a high-rise apartment development of around 24 to 26 storeys, depending on the technical height controls imposed by the relevant authorities.

The successful sale price of S$906.7 million reflects a land rate of about S$1,515 per sq ft per plot ratio, based on the allowable gross plot ratio of 2.8. Development charges are not payable for the proposed redevelopment.

"There are not many sites of similar size that are available for redevelopment in the Amber Gardens location, as most of the larger projects have been sold en bloc and redeveloped over the years. Amber Park could possibly be one of the last collective sale sites with a land area above 200,000 sqft in this precinct," noted Mr Tan.

"At this sale price, the owners would expect to receive gross sale proceeds of between S$4.3 million and S$8.3 million each."

Separately, CDL said it is very familiar with the District 15 locale, having developed the existing 200-unit Amber Park itself, which was completed in 1986.

CDL and Hong Realty plan to redevelop the site into a luxury condominium development comprising four 25-storey blocks with close to 800 units and a basement carpark, subject to approval. Most apartments will have a North-South facing orientation, with many units commanding sea views.

CDL chief executive-designate Sherman Kwek noted that the Amber Park tender win marks one of the group's "most significant investment deals in the Singapore residential market in recent years"

"CDL was the original developer for Amber Park in the 1980s and we are honoured to be able to redevelop the site into yet another iconic landmark. In addition to its strong locational attributes, a distinct advantage of this site in Amber Gardens is its freehold status, something that is increasingly rare in Singapore," said Mr Kwek.

Source: Straits Times 4th October 2017

CONSORTIUM SUSTAINED LAND WON TOP BID FOR FORMER CONDO SITE IN PARKWAY MANSION FOR REDEVELOPMENT

4) PARKWAY Mansion has been sold at S$146.99 million to SL Capital (3) Pte Ltd, a consortium led by Sustained Land Pte Ltd.

The sale price was 6.5 per cent above the owners' guide price of S$138 million during the tender that was launched on Nov 16. The sale price and an estimated development charge of about S$21 million translate to a land rate of S$1,536 psf per plot ratio. The development charge is payable to the state for the intensification of land use.

Parkway Mansion is a 17-storey freehold development that houses apartments of sizes ranging between 169 square metres and 181 square metres.

Depending on the size of their property, each owner will stand to receive between S$4.5 million and S$4.7 million in gross proceeds upon completion of the sale.

Parkway Mansion is located just 100 metres from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line which is slated for completion in 2023.

The property had been offered for collective sale twice before this third successful tender.

Tang Wei Leng, managing director of Colliers International, which serves as marketing agent for this collective sale, said that SL Capital (3) has submitted the highest unconditional offer.

The 3,620.9-square-metre site occupied by Parkway Mansion has a gross plot ratio of 2.8, with a potential total gross floor area of 10,138.5 square metres.

UOL GROUP WON TOP BID FOR LAND PARCEL OF EX-NANAK MANSIONS ALONG MEYER ROAD THROUGH COLLECTIVE SALES

5) UOL has announced its third land acquisition since 2016 with the en-bloc purchase of Nanak Mansions on Meyer Road for S$201m (S$1,429 psf ppr including estimated development charge). The acquisition was made via a 50:50 joint venture with Kheng Leong.

The price is only marginally above (1.3%) the price for The Albraca (first en-bloc sale at Meyer Road) and only S$1m more than the reported asking price. The relatively smaller freehold land site could potentially accommodate close to 204 new units. The estimated breakeven price is close to S$2,000psf, which is above the recent average transacted prices at Meyer Road of S$1,600psf to S$1,700psf.

Nanak Mansions, located at 92-128 Meyer Road, occupies an area of about 10,185 square metres. The freehold site, with a gross plot ratio of 1.4 based on 2014 Master Plan, is earmarked for residential development.

The bid from UOL's associate, Secure Venture Development (No.1) Pte Ltd, was accepted on Thursday by all the subsidiary proprietors of the units in the development.

Secure Venture Development (No. 1) will pay up 10 per cent of the consideration, including the S$1 million tender fee paid on bid submission, within seven business days from the acceptance of the offer. The other 90 per cent of the purchase consideration will be paid up on legal completion of the deal.

Secure Venture Development (No.1) is a 50:50 joint-venture (JV) company between UOL Venture Investments Pte Ltd and Kheng Leong Co (Pte) Ltd.

The JV company will re-develop the freehold site acquired and also acquire a private road of about 910 square metres next to the property, if the subsidiary proprietors of Nanak Mansions and their associates exercise a put option.

LAND PARCEL OF FORMER SITE OF ALBRACCA CONDO ALONG MEYER ROAD SOLD THROUGH COLLECTIVE SALES

6) SINGAPORE — The Albracca, a 10-storey residential development along Meyer Road, has been successfully sold in its first attempt at a collective sale to Sustained Land for S$69.1 million, sole marketing agent JLL said on Thursday (July 20).

The launch last month of the tender exercise for the 11-unit strata-titled development located at a prominent corner of Meyer Road and Meyer Place came shortly after four collective sales were successfully concluded in May, surpassing the total number of en bloc deals completed in 2016.

“The Albracca’s tender response was strong with over a dozen bids received from developers of all sizes – from large to boutique developers, contractors and a fund manager,” said Mr Karamjit Singh, Senior Consultant at JLL.

“Clearly, there is an increasing convergence of views among developers that the down cycle, which lasted over four years, has turned a corner, and that it’s time to be back. Sentiments in the residential market have also been buoyed by the strength of the stock market this year, which tends to run ahead of property markets. As for en bloc sellers, this also comes as a relief as many have been waiting for such an opportunity for years,” he added.

The price of S$69.1 million, which topped the owners’ guide price from S$62 million to S$65 million, works out to about S$1,409 per sq ft per plot ratio inclusive of development charges, JLL said.

The Meyer Road area has always appealed to well-heeled and high-income homebuyers as it is considered as arguably the most prime location outside the Core Central Region, with a strong following among both local and expatriate communities, JLL said.

“The appeal of The Albracca was strong with multiple boxes ticked in its favour. It has an MRT station being built on its doorstep. The high-rise development that may be built on site should be able to enjoy unblocked views across Katong Park and the sea. It is located in a much sought-after Meyer Road precinct, which is close to the CBD, amenities and the airport,” said Mr Singh.

Under the 2014 Master Plan, the 23,400 sq ft site is zoned ‘Residential’ with an allowable gross plot ratio of 2.1. The Albracca may be redeveloped to accommodate a high-rise apartment development of about 18 to 24 storeys, depending on the technical height controls imposed by some government departments. Subject to design and approval from the Urban Redevelopment Authority (URA), a developer may potentially configure the allowable gross floor area (GFA) of 49,130 sq ft into a maximum of 65 apartments with an average size of about 750 sq ft, JLL said.

Source: Today On Line

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