Formerly known as Parkway Mansion at 9 Amber Road, has now been bought by a consortium led by Sustained Land Pte Ltd, a deal sealed with $146.99 million, now newly named as Coastline Residences.
The collective sale comes after two failed attempts. According to Colliers International, the sale price exceeded the owner’s $138 million guide price by 6.5%.
Sustained Land Pte Ltd is expected to incur development charges amounting to $120 million. Adding this to the sale price translates to a land rate of $1,536 psf ppr. The land rate for this freehold development at Coastline Residences exceeded prices achieved in the just concluded en block sales in the area.
Coastline Residences is situated only 100m away from the future Tanjong Katong MRT station located at the Thomson-East Coast Line. Coastline Residences (former Parkway Mansion) features 17 storey comprising of apartments between 169 sq m and 181 sq m.
Each owner of the Coastline Residences is expected to gain $4.5 million – $ 4.7 million proceeds from the sale depending on the size of their apartment. Under the 214 URA Master Plan, Coastline Residences site that seats on a 3,620 sq m with a gpr of 2.8 is zoned for residential purposes. The total gross floor area the site can yield is 10,138.5 sq m.
The allowable residential units approved by URA for the Coastline Residences site is 130 units measuring an average of 800 sq ft. It is projected by Colliers International, the marketing agent, that Coastline Residences could sell each unit in the future between S$2,550 psf and S$2,600 psf.