A SEA OF OPPORTUNITIES

CDL and joint-venture partner Hong Realty (Private) Limited successfully tendered for the collective sale of the Amber Park condominium site for S$906.7 million. Situated in the exclusive Amber Road enclave in the East Coast area, the prime site has tremendous potential given its excellent locational attributes and rare freehold status.

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SPOTLIGHT
A SEA OF OPPORTUNITIES
CDL and joint-venture partner Hong Realty (Private) Limited have successfully tendered for the collective sale of the Amber Park condominium site for
S$906.7 million (or S$1,515 psf ppr).

Amber Park is located within walking distance of Tanjong Katong MRT station on the future Thomson-East Coast Line. (Photo credit: EdgeProp Singapore)

"CDL AND OUR JV PARTNER HONG REALTY ARE DELIGHTED TO WIN THE TENDER FOR THIS VERY ATTRACTIVE AND SIZABLE SITE IN THE WELL SOUGHT-AFTER KATONG AND EAST COAST AREA. WE ARE INTIMATELY FAMILIAR WITH THE LOCATION AND THE ENVIRONMENT THERE OFFERS A GREAT QUALITY OF LIFE. THIS IS ONE OF OUR MOST SIGNIFICANT INVESTMENT DEALS IN THE SINGAPORE RESIDENTIAL MARKET IN RECENT YEARS.

CDL WAS THE ORIGINAL DEVELOPER FOR AMBER PARK IN THE 1980S AND WE ARE HONOURED TO BE ABLE TO REDEVELOP THE SITE INTO YET ANOTHER ICONIC LANDMARK. IN ADDITION TO ITS STRONG LOCATIONAL ATTRIBUTES, A DISTINCT ADVANTAGE OF THIS SITE IS ITS FREEHOLD STATUS, SOMETHING THAT IS INCREASINGLY RARE IN SINGAPORE."

MR SHERMAN KWEK
CDL CEO-DESIGNATE

As one of the largest collective sale sites in the exclusive Amber Road enclave located in the East Coast area, the site adds to CDL's residential landbank in Singapore. It has an area of 213,675 square feet (sq ft), plot ratio of 2.8 and allowable Gross Floor Area of about 598,290 sq ft. Hong Realty is the private real estate arm of the Hong Leong Group and holds a 20% stake in this project.

CDL is very familiar with this District 15 locale, having developed the existing 200-unit Amber Park itself, which was completed in 1986. CDL and Hong Realty plan to redevelop the site into a luxury condominium development comprising four 25-storey blocks with close to 800 units and a basement carpark. Most apartments will have a North-South facing orientation with many units commanding sea views.

There is tremendous potential in the Amber Park site and demand for the new project is expected to be healthy given its excellent locational attributes and rare freehold status.

CDL has always felt very positive about the East Coast area. The wonderful environment consisting of sandy beaches, breezy weather and park connectors offers a great quality of life and a range of outdoor activities for the family. Furthermore, Amber Park is within approximately 500 metres walking distance to Parkway Parade, still one of the best anchor malls in that area, and an underpass also affords easy access to the beach front.

Accessibility is convenient via the East Coast Parkway (ECP) expressway, putting the city centre, Central Business District and Changi Airport all within about 15 minutes' drive away. Connectivity will be further enhanced when Tanjong Katong MRT station, located 200 metres from the site, is completed in 2023.

The site is also within 1 kilometre (km) to Tanjong Katong Primary School and 2 km to CHIJ (Katong) Primary, Haig Girls' School, Kong Hwa School and Tao Nan School, which are very popular primary schools. Other reputable schools in the vicinity include Chung Cheng High School, Tanjong Katong Girls' School, Victoria Junior College, Victoria School, Canadian International School and Global Indian International School.

After several years of subdued market conditions and macro-economic headwinds, the Singapore property market is seeing improved sentiment and increased activity. The private residential property price index for Q3 2017 showed its first rebound in 15 quarters (or 4 years). This could signal a budding recovery which CDL is well-poised to benefit from.

CDL will continue to bid strategically for sites while remaining disciplined to core fundamentals. The Group remains highly selective and value-oriented in its investments to expand its landbank and stand ready to capitalise on attractive opportunities.

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