Amber Glades on the block again, at $18m discount

Source : Today - 9 Apr 2008

A day after the Royalville site off Sixth Avenue was relaunched at a much lower price, another en bloc site has been put back on the market at a significant discount from the heady prices its sellers were asking for less than six months ago.

The Amber Glades site on the East Coast is being relaunched today at an indicative price of $127 million, more than 12 per cent lower than the asking price of $145 million when it was first launched last October, according to its marketing agent Colliers International.

“Including an estimated development charge of $3.5 million, the price will work out to some $1,140 per sq ft per plot ratio,” said Mr Ho Eng Joo, executive director of investment sales at Colliers.

The 40,917 sq ft freehold residential site has a plot ratio of 2.8. Amber Glades, comprising two 10-storey residential blocks with a total of 63 units, currently stands on the land.

The site can be re-developed to accommodate a residential development comprising 88 units of 1,300 sq ft each, Colliers said.

Amenities can be found at the nearby Parkway Parade, Katong Shopping Centre and East Coast Park, while access to other parts of the island is available via East Coast Parkway and the new Kallang-Paya Lebar Expressway.