atans1

Property dev, S’pore style

In Property on 05/10/2017 at 4:57 am

Buy high, sell high, buy higher, sell higher.

CityDev build Amber Park 34 yrs ago and sold each unit at about S$360,000. Now they buy back at slightly more than S$4.3m per unit, spending S$906.7m in total. Owners are expected to receive between S$4.3 million and S$8.3 million in gross sale proceeds.

“The 213,670 sq ft residential site may be redeveloped to accommodate a high-rise apartment development of around 24 to 26 storeys, depending on the technical height controls, its sole marketing agent JLL said.”

What is going to be the selling price of the new units now?

S$5m at a minimum it would seem.

 

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  1. The current GPR of 2.8 allows CDL to redevelop into 800 new units (from existing 200).

    Breakeven price is $2.2K psf with analysts targeting sale price of $2.6K – $2.7K psf. This is about 35% more expensive than current nearby condos.

    With an average 1000sf unit, that’s $2.6+M.

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