Far East Organization (FEO) has paid $118.12 million for Amber Glades (below) in a collective sale. The residential development at 30 and 32 Amer Gardens occupies a land area of 40,917 sq ft, which could yield a GFA of 114,567 sq ft. FEO’s purchase price translates into a unit land price of $1,066 psf ppr.“This is reflective of the market price in the Amber area, in which another nearby residential development, Marine Point, was sold last month at about $1,056 psf ppr,” says Tang Wei Leng, executive director of investment services at Colliers International, which brokered the deal. Amber Glades now has 63 units. Each owner will walk away with $1.3 million to $2.2 million from the sale. FEO, which made the purchase via subsidiary Tuas Hi-Tech Park Pte Ltd, could build a new development with 114 units, of around 1,000 sq ft each.
