SINGAPORE - Amber Park sold 115 units at an early bird average price of $2,425 per square foot, after the 592-unit East Coast condominium project launched over the weekend. This accounted for 77 per cent of the 150 units released by City Developments Limited (CDL) and its joint venture partner Hong Realty.
The take-up was "the strongest launch weekend sales for a freehold project this year", said CDL in a media release on Sunday (May 5).
The sold units - which included a penthouse - amounted to a total sales value of over $240 million and covered all apartment types.
CDL said about 85 per cent of the buyers were Singaporeans, while the remaining were foreigners mainly from China, Malaysia, Indonesia, India and others.
Early-bird prices started from $1.088 million for a one-bedroom plus study apartment, $1.608 million for a two-bedroom plus study, $1.628 million for a two-bedroom, $2.18 million for a three-bedroom, $3.068 million for a four-bedroom plus study, $3.438 million for a four-bedroom and $4.98 million for a five-bedroom premium.
Unit sizes range from 463 sq ft for a one-bedroom plus study to 5,005 sq ft for the largest six-bedroom plus study penthouse.
Said CDL's group general manager, Mr Chia Ngiang Hong, said: "Sales for this project are off to a good start, indicating healthy demand for well-located projects that are exceptionally designed. As a freehold project in District 15 located so close to an MRT station, Amber Park draws buyers looking for projects with good investment value."
ZACD Group head of research and consultancy Nicholas Mak said of the early-bird pricing: "It reflects the quality of the location, the freehold tenure as well as the dependability of a brand-name developer, which will command a premium on the price."
He added that the East Coast area is a prime residential location popular with residents and investors as it is one of the few locations in Singapore that offers sea views and access to the city.
The launch comes after the entry of 2,989 new private homes to the market in the first quarter of this year, about 80 per cent more than in the previous quarter. The take-up rate for these new units remained roughly the same over the two periods, with developers selling 1,838 units in the first quarter of this year compared with 1,836 in the previous quarter.
The 213,675 sq ft Amber Park site was purchased in October 2017 for $906.7 million, which was at the time a record by dollar value for freehold properties sold en bloc. This translated to a land price of $1,515 psf per plot ratio.
The condo project, due for completion in 2024, is a three-minute walk from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line. Schools within a 2km radius include Tao Nan School, CHIJ (Katong) Primary and Tanjong Katong Girls' School.
Designed by SCDA Architects' principal architect Chan Soo Khian, the development has a 32,507 sq ft rooftop recreational deck that connects three 21-storey towers.
Called the Stratosphere, it features a 600m sky jogging track, touted by CDL as the first for a condo in Singapore, as well as a yoga deck, gym and spa pool, among other facilities.