The freehold District 15 project of Parkway Mansion at 9 Amber Road, just opposite of Nyon has been sold to Sustained Land Pte Ltd at a land rate of $1,536 psf per plot ratio (ppr), which is based on the sale price of $146.99 million plus $120 million in development charges.
The land price of the Katong project is much higher than the prices of recent enbloc sales of freehold sites in the vicinity – Amber Park ($1,515 psf ppr) which is on the neighbouring road Amber Gardens, and the 2 Meyer Road sites of Nanak Mansions ($1,429 psf ppr) and The Albracca ($1,409 psf ppr).
The eventual sale price of the units of the new project, named Coastline Residences, could reach between $2,550 psf to $2,600 psf.
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