Monday, November 19, 2012

Amber Rd condo enclave hot with expats

The Straits Times
Monday, Nov 19, 2012

IT USED to be a quiet beachfront road lined with old bungalows, but today Amber Road is packed with condominiums and popular with expatriates.

The area, in District 15 and near the Parkway Parade mall, still retains some pre-war flavour with historical landmarks such as the Chinese Swimming Club, founded in 1905.

The outlook for this estate is "encouraging for owners, due to the proximity to East Coast Park and the very entrenched mindset among buyers that this is among the upper-echelon, niche localities in the east", said R'ST Research director Ong Kah Seng.

Most homes here are private. Major condominium projects in the area include the 400-unit The Esta, which was completed in 2008, and One Amber, with 562 apartments finished in 2010.

Both are freehold properties.

The 114-unit freehold Amber Residences obtained its temporary occupation permit (TOP) last year, while the freehold The Cape, with 76 apartments, was launched with a TOP expected in 2015.

The upcoming Silversea, which was launched in 2009 and expected to obtain its TOP in 2014, is also nearby. The 383-unit project on a 99-year lease had sold around 370 of the 377 units launched as of September.

Analysts expect about 700 new homes to be completed in the next few years.

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