By The Folks @PropTalk - August 18, 2010 No Comments

The BT today reported that Amber Glades, off Amber Road, and Robin Court, with an adjoining bungalow at Robin Drive, are being put up for collective sale – for the third time.

The 63-unit freehold Amber Glades was first offered for sale in October 2007 for $145 million or $1,345psf ppr including a development charge.

The project was re-launched in April 2008 at a lower price of $127 million, or $1,140psf ppr including a development charge – 15% cheaper than the first time around.

Now sellers are hoping they will be third-time lucky. They are asking for $130 million. This translates to a land price of some $1,091psf ppr – including a development charge of $7.5 million and assuming a developer will maximize the potential of the 10% of extra gross floor area allowed for balcony space.

The successful buyer can re-develop the site into a 22-storey residential project comprising some 150 units of 840sqft each, or 84 units of 1,500sqft each, said Colliers International, which is marketing the project.

It is a similar story for the 15-unit Robin Court and the adjoining No.1 Robin Drive, which were put up for sale with a third property in late 2007 at a price of $1,500 -$1,600psf ppr.

After there were no takers, the two properties were re-launched in July 2008 for $58 - $60 million, or $964 -$996psf ppr – a 40% cut in the asking price. But there were still no takers then, in the midst of the global financial crisis.

Now, the majority owners of Robin Court and the sole owner of No. 1 Robin Drive are asking for $66 million - $74 million, or $1,046 - $1,172psf ppr.

This pricing assumes the developer would maximize the potential of the 10% of the extra gross floor area allowable for balcony space, and the remnant state land may be purchased. About 60 apartment units of an average size of 1,000sqft – depending on layout and configuration – can be built on the plot. Credo Real Estate, which is marketing the project, reckons a developer would break even around $1,600 - $1,750psf.

The wife and I are not familiar with Amber Glades, but we are privy to the unfortunate demise of at least one luxury car at Robin Court during the Great Singapore Flood last month. And all the parking spaces were on ground level! Maybe it is a sign from “above” to owners at Robin Court that they should sell…

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