A site in Amber Road that has housed a landscaping and nursery business for more than 30 years has been sold to property developer UOL for $156 million.
The plot of about 70,000 sq ft at 45 Amber Road, which was owned by developer Sin Lian Huat, is sandwiched between two condominiums - The Shore Residences and The Sea View.
Mr Richard Yeo, senior manager of Ban Nee Chen nursery, said the nursery was not informed that the land had been sold.
He said the nursery would move if it had to.
Mr Liam Wee Sin, UOL's deputy group chief executive, said in a statement to The Straits Times that the deal was an opportunity to acquire a rare freehold residential site.
"The site will be able to accommodate about 190 apartment units in a 22-storey block. We believe there will be very strong demand for a freehold apartment in the Amber Road/Marine Parade area," he added.
Mr Liam said the deal was also a "timely replenishment of our land bank, given the successful sell-out and completion of 70 St Patrick's".
UOL's most recent East Coast residential project, 70 St Patrick's, which was launched in 2014, had 186 apartments going at an average price of $1,600 to $1,700 per sq ft.
Dr Lee Nai Jia, head of South-east Asia research at property consultant Edmund Tie and Company, said the Amber Road plot was attractive for several reasons.
"The quantum of the site is relatively low and it is close to many amenities - established primary schools, eateries, and within walking distance of upcoming MRT stations Marine Parade and Tanjong Katong, which are estimated to be completed in 2023," he said.
Dr Lee added that the site is also close to East Coast Park.
The purchase is the latest property deal linked to veteran banker Wee Cho Yaw, the chairman of UOL's board of directors.
Last week, he made waves in the property market by buying 45 units at luxury condominium The Nassim for $411.6 million through his company's private real estate arm, Kheng Leong.