A site in Amber Road that has housed a landscaping and nursery business (Ban Nee Chen nursery) for more than 30 years has been sold to property developer UOL for $156 million.
The plot of about 70,000 sq ft at 45 Amber Road, which was owned by developer Sin Lian Huat, is sandwiched between two condominiums – The Shore Residences and The Sea View.
Mr Liam Wee Sin, UOL’s deputy group chief executive, said in a statement to The Straits Times that the deal was an opportunity to acquire a rare freehold residential site.
“The quantum of the site is relatively low and it is close to many amenities – established primary schools, eateries, and within walking distance of upcoming MRT stations Marine Parade and Tanjong Katong, which are estimated to be completed in 2023,” he said.
Dr Lee added that the site is also close to East Coast Park.
With a plot ration of 2, the site will be able to yield an estimate of 190 residential units in a single block of 22-storey tall.