Property developer City Developments' unit and joint venture partner Hong Realty has purchased Amber Park condominium for S$906.7 million, making it Singapore's largest freehold collective sale by dollar value till date.
The Amber Park deal also marks the 15th successful collective sale this year - including industrial and mixed-used developments - amid a revived property market.
This is the fourth en bloc attempt by City Developments. Its last collective sale tender in June 2015 had closed with no bids.
The deal takes the total transaction value of en bloc deals above S$5 billion mark, compared to just S$1 billion last year.
Located within an established private residential enclave in District 15, the site is within walking distance to East Coast Park and is a short drive from the central business district and Changi Airport.
City Developments, which developed the existing 200-unit Amber Park, along with Hong Realty plan to redevelop the site into a luxury condominium development comprising four 25-storey blocks with close to 800 units.
"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," Sherman Kwek, City Developments' CEO-Designate said in a statement.
Shares in City Developments rose 0.2 percent to S$11.44 on the Singapore Exchange. The stock has gained about 39 percent so far this year.
