The Opus Prices
The pricing is yet to be confirmed, many adjustments and consideration are still in the works. Comparable residential units in the areas will also be taken into consideration, At this stage, the indicative pricing is estimated to be between 2600-2800 psf, but it will be subject to changes. There will be no responsibility for any indication taken from the site. Stayed tuned for more updates or register to get reliable information from our sales team.
The Opus Freehold Condo is sited on Amber Road, which has a history that dates back to 1921. It was named after the Elias family’s clan name. This family was a Jewish family and was very popular in the estate due to their various properties holdings and well as major business in Singapore. The family also have other places named after them such as the Amber Building situated on Malacca Street and also the old Amber Mansions located on Orchard Road.
Amber Road within the District 15 locality which was once the 200-unit Amber Park Condo. This major development was completed in 1986 and interestingly, CDL was also one of the developers. Since then, The Opus Site been put up for sale a total of four times since it was completed. Being situated in this exclusive district, this Opus site has a freehold status which is very rare in Singapore.
One of the reasons this address of Amber Road has historic significance is also that it was the location where 2 tragic events had an imprint in the history of Singapore. This was the site of Operation Sook Ching and it was also a greatly affected area during the Maria Hertogh riots. City Developments Ltd and Hong Leong Group plan on keeping the freehold status and are looking forward to redeveloping this sit into another iconic landmark for prospects and investors to enjoy.
The Opus Freehold Amber Park Enbloc
Amber Park, or The Opus Enbloc now, a 200-unit freehold condominium in Katong, was snapped up for S$906.7 million in Singapore’s largest freehold collective sale by dollar value.
Amber Park condominium, which was built in 1986, was bought by City Developments Ltd (CDL), through its wholly-owned subsidiary Citizens Development, and joint-venture partner Hong Realty.
- This is the fourth time that The Opus previously known as Amber Park has been put up for sale. The sale comes as the local en bloc market continues to heat up, with the tender for Amber Park receiving as many as eight bids at the time of bid. The Opus and The Opus showroom now stands in its place.
- The sale price reflects a land rate of about S$1,515 per sq ft per plot ratio, based on the allowable gross plot ratio of 2.8, JLL said. At this sale price, the owners would expect to receive gross sale proceeds of between S$4.3 million and S$8.3 million, it added.
- Subject to approval, CDL and Hong Realty plan to redevelop Amber Park into a luxury condominium development comprising four 25-storey blocks with close to 800 units and a basement carpark, The Opus developer CDL said in a separate statement. The current site has an area of 213,675 sq ft, and an allowable gross floor area of about 598,290 sq ft. This has now been confirmed and named to be The Opus Condo. The Opus Price and Pricing will take reference from the bid price. The Opus Price will be released once confirmed. The Opus Floor Plans will also be released soon.
- CDL said the development will maintain its freehold status for The Opus enbloc project.
- Ms Christine Li, director of research at Cushman & Wakefield Singapore, said the latest sale will have implications on future en bloc deals.
- “Looking at the price, it is relatively bullish which means choice sites are still highly contested by both the local and foreign developers. It probably means it is the new benchmark prices set for the Katong area. That will actually help some of the existing projects – particularly the older projects – which are interested to go for en bloc to look at the new price point.”
- “From next year onwards we are going to see developers launching new projects at a higher price, probably 10 to 15 per cent higher than what we have been seeing in the market today.”
- Mr Tan Hong Boon, regional director at JLL, said: “There are not many sites of similar size that are available for redevelopment in the Amber Road location … Amber Park could possibly be one of the last collective sale sites with a land area above 200,000 sq ft in this precinct.”
- The Amber Road area is an established private residential enclave that enjoys a strong following from both locals and expatriates alike, due to its proximity to the central business district, East Coast Park and the airport. The Opus CDL will now provide such convenience to its owners.
- The Opus site is also within 1km to Tanjong Katong Primary School and 2km to CHIJ (Katong) Primary, Haig Girls’ School, Kong Hwa School and Tao Nan School, which are popular primary schools. The Opus Schools and Vicinity are of major importance for residents of The Opus.
- Connectivity will be further enhanced when Tanjong Katong MRT station, located 200m from the site, is completed in 2023.
- Mr Sherman Kwek, CDL CEO-designate, said: “This is one of our most significant investment deals in the Singapore residential market in recent years. CDL was the original developer for Amber Park in the 1980s and we are honoured to be able to redevelop the site into yet another iconic landmark.”
The Opus Price and Pricing Estimate
- The purchase price for The Opus works out to a land rate of close to S$1515 per square foot per plot ratio (psf ppr).
- The most affordable unit will be priced from 1m onwards.
- The average The Opus psf will be around 2600-2800psf.
- Based on the land price rate, the breakeven price is between $2300-2400. Adding in marketing, legal and misc costs, we expect the development to pricing at a selling price of $2400-2800psf. The Opus Price will be subject to change.
- The above estimates are based on best effort basis and historical trends and expected construction costs, land costs, marketing costs, and profit margins. The eventual selling price may differ albeit not expected to a large extent.
- All information reflected here are subject to changes. No damages or claims shall be made from owner of the website.
- The Opus Showflat will have multiple unit types for visiting.