Amara Holdings buys Surrey Point for $47.8 mil

Amara Holdings has purchased the freehold development of Surrey Point en bloc at the price of $47.8 million. Based on the maximum allowable gross floor area (GFA), the price would translate to $1,332 psf ppr.

Surrey Point comprises of 9 apartments and sits on a land plot measuring 11,997 square feet. The land is zoned for residential use and has a plot ratio of 2.8 under the 2019 URA Master Plan. Amara Holdings can develop 36 residential apartments at the site.

Alternatively, the development can be converted to serviced apartments or co-living apartments. Permission would have to be sought from the authorities for the new property to be used as serviced apartments or co-living apartments.