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The asking price for Park West is lower than the indicative price of S$803 million during its 2011 en bloc tender, which received no bids. An earlier 2007 attempt did not achieve the requisite 80 per cent consensus among owners.
Bungalows in GCB Areas are the most prestigious form of landed housing in Singapore with strict planning conditions laid out by the Urban Redevelopment Authority. Only Singapore citizens are allowed to buy landed homes in the 39 GCB Areas on mainland Singapore. However, in the waterfront housing district of Sentosa Cove, a foreigner (including a Singapore permanent resident) is eligible to seek approval to buy a landed home for owner occupation only.
Analysts expect keen interest for the site at 12 Amber Road, which is sandwiched between condominiums Amber Skye and King's Mansion. It is near the upcoming Tanjong Katong MRT station that will be on the Thomson-East Coast Line due for completion in 2023.
A price of S$970 million works out to around S$655 per square foot of potential gross floor area, inclusive of two payments to the state. One is a differential premium for enhancing the intensity of the site to a gross plot ratio of 2.8; the other is a lease-upgrading premium, which will top up the site's lease to 99 years.
DEVELOPERS sold almost twice as many private homes and executive condominiums (ECs) in July than they did in June amid two project launches - reflecting a buoyant buying momentum that analysts believe will continue for the rest of this year and the next.