Pacific Mansion, a 128,353.16 sq ft residential site at River Valley Close, has been put up for en bloc sale with an indicative price of S$990 million (around S$2,008 psf ppr).
The freehold site comprises 288 residential units and two commercial units. It has a gross floor area (GFA) of 45,821.88 sq m with a gross plot ratio of 3.8 and can be redeveloped into a 30- to 36-storey condominium.
If the developer maximises the additional 10 percent GFA bonus for balcony space, the site’s S$990 million price tag will translate to around S$1,889 psf ppr. Marketing agent ERA Realty Network said no development charge (DC) is payable for the site.
It noted that the site offers a “rare and exciting opportunity for the successful developer to showcase its branding’ given that it is ‘likely to be a well sought after residential address in the city.”
Given its high reserve price and substantial size, Ong Kah Seng, Senior Manager for Asia-Pacific Research at Cushman & Wakefield, commented that Pacific Mansion is expected to draw “modest interest”.
“Although foreign buyers who are keen on high-end residential properties here are fairly affluent, some are expected to be fairly selective and cautious, especially for those whose wealth and domestic economy is quite affected.”
As such, he said that developers might bid opportunistically, rather than optimistically, for prime sites with growth potential.
The tender for the site will close on 10 November 2011 and each owner is expected to receive approximately S$3 million.
Source : PropertyGuru – 6 Oct 2011
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Originally Posted by EBD
