The developer opened previews for the 592-unit development on the weekend.
Amber Park by City Developments and Hong Realty opened its doors for viewing on the weekend. According to DBS Group Research, which visited the weekend viewings, the developer is confident to launch sales on 4 May with an indicative price starting from $2,160 psf.
DBS Group Research analyst Rachel Tan observed a steady crowd during her Sunday AM/PM visits. She said, “We understand that it was a lot more crowded on Saturday. Judging by the BMWs, Merc, Porsches and even a Maserati at the parking lots, we believe that the project launch has attracted the attention of the ‘well-heeled’ and discerning property buyers in Singapore.”
The freehold new Amber Park features 592 units spread over three towers nestled on the 213,000-sqft former Amber Park site. The three towers are interconnected by a 600-metre sky jogging track for homeowners with sunrise sea views over the horizon.
“Whilst local interest was from residents around the area looking to buy their second property per household (one each per spouse), we understand that there was also interest from Chinese buyers looking for larger units,” Tan added.
Tan noted that nearby projects have comparable prices. Coastline Residences by Sustained Land launched for sale last weekend at an average selling price (ASP) of $2,450 psf, and sold only seven units out of a total of 144 units. Amber 45 by UOL, launched in May 2018, saw units transacted at an average price of $2,365 psf and was 69% sold as of December 2018. Nearby future projects include Amber Sea by Far East Org, Meyerhouse by UOL/Kheng Leong and Casa Meyfort by Guocoland.
With four agencies marketing the project (ERA, Propnex, Orange Tee, Huttons), CDL / Hong Leong is targeting a wider addressable market, the analyst noted. DBS Group Research estimates that the ASP could range between $2,400 and $2,600 psf.
The project comprises largely smaller units with 53% of the total being 1- to 2-bedroom whilst 70% are 1- to 3-bedroom units. Tan observed that units with a nicer facing comprise smaller sized units, contrary to most developments where the larger and premium units usually have a better facing.
“With one bedroom + study (c.500 sqft) priced from $1m and 3-bedroom/4-bedroom from $2.2m and $3.6m respectively, the developer is aiming to reach out to a good mix of potential tenants and families,” she added.
However, the analyst raised that the project – which will comprise smart homes – is likely to be affordable to “a very select few in Singapore” even if it is located within a three-minute walk to the upcoming Tanjong Katong MRT station and surrounded by amenities including Katong Shopping Centre, 112 Katong, Parkway Parade, and Katong Plaza.
“The units are furnished with a suite of smart features, including a built-in Google Assistant where you can ask about news, weather, traffic, set reminders, play music, and not feel lonely anymore. The units also provide branded appliances such as Bosch refrigerators and washing machines, and Daikin air conditioners,” Tan concluded.
Credits: Singapore Business Reviews