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Singapore residential site fetches record S$906.7M

Cityzens Development Pte Ltd. and Hong Realty (Private) Ltd. snapped up the Amber Park development in Singapore's Amber Gardens for S$906.7 million, reflecting the largest freehold collective sale by dollar value in the country, according to JLL regional director Tan Hong Boon.

The 200-unit project is on a 213,670-square-foot site zoned for a high-rise apartment development of about 24 to 26 stories, with a gross plot ratio of 2.8.

JLL was the sole marketing agent for the sale, and the deal is the fourth time that the property has been offered for sale collectively.

The tender received up to eight submissions.

The (Singapore) Business Times reported Oct. 4 that Cityzens is a subsidiary of City Developments Ltd. and Hong Realty is the private real estate arm of Hong Leong Group. The partners plan to redevelop the site to house four 25-story luxury condominiums offering nearly 800 units, subject to regulatory approval.

As of Oct. 3, US$1 was equivalent to S$1.36.