CDL, Hong Leong unit snap up Amber Park for $906.7m (New record for freehold property sold en bloc)
AMBER PARK which is 200-unit development at Katong is sold through a joint sale between Hong Realty and City Developments (CDL) subsidiary. Hong Realty is Hong Leong Group’s private real estate arm.
The huge price of S$906.7 million has made this sale the Singapore’s biggest freehold collective sale with respect to dollar value to-date, dominating Leedon Heights of the past. Leedon Heights fetched S$835 million from developer GuocoLand in the year 2007. The Amber Park deal has also marked as the 15th consecutive collective sale of this year – that includes mixed-used and industrial developments – surrounded by a restored property market.
The total transaction value of this combined deals have also surpassed the S$5 billion range when compared to only S$1 billion for the complete year of 2016. The sales competition was very intense with Cityzens Development and Hong Realty dominated seven others to grab the plot. They will hold a stake of 80:20 respectively.