City Developments JV to buy Singapore residential site for $667 million

SINGAPORE: City Developments Ltd (CDL) and joint venture partner Hong Realty will buy a freehold residential site on Singapore's east coast for S$906.7 million ($667 million), adding to this year's property deal frenzy in the city-state.

CDL and Hong Realty won the tender in a collective sale of Amber Park, a 200-unit condominium. They plan to redevelop the site into a luxury condominium with four 25-storey blocks, with close to 800 units and a basement car park, CDL said in a statement.

CDL was also the original developer of Amber Park, which was completed in 1986.

JLL, the sole marketing agent, said the deal was Singapore's largest freehold collective sale by dollar value. This was the fourth time that the property was offered for collective sale.

Brokerage Jefferies said in August that its discussions with developers suggested that en bloc sales volumes would be close to S$6 billion this year.

Signs are growing that Singapore's residential market is improving -- private home prices rose for the first time in four years in the third quarter, official data showed on Monday.

City Developments and Hong Realty are both part of Singapore-headquarterd Hong Leong Group, headed by billionaire Kwek Leng Beng.