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Thread: Freehold Gloria Mansion to launch collective sale tender with $69 mil reserve price

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    Default Freehold Gloria Mansion to launch collective sale tender with $69 mil reserve price

    Freehold Gloria Mansion to launch collective sale tender with $69 mil reserve price

    November 29, 2021



    SINGAPORE (EDGEPROP) - Gloria Mansion, a freehold residential development on Pasir Panjang Road, will launch its collective sale tender on Dec 2. The 31-unit development will be put up for sale with a reserve price of $69 million. Strata AMC is the appointed marketing agent for this collective sale.

    Gloria Mansion is a 12-storey development that sits on a 45,742 sq ft site with a plot ratio of 1.4. The development has a gross floor area (GFA) of 64,039 sq ft excluding balconies.

    The reserve price translates to $1,078 psf per plot ratio (ppr) based on the existing GFA. The development also utilises an existing plot ratio of 1.634, which means there will not be any development charge for the redevelopment.

    This is the second time owners at Gloria Mansion have launched a collective sale attempt for their development. The development was put up for sale with a reserve price of $79 million in June 2018. The tender closed without a successful bid.

    Read more at: https://www.edgeprop.sg/property-new...-reserve-price

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    Default Re: Freehold Gloria Mansion to launch collective sale tender with $69 mil reserve pri

    Gloria Mansion tries for en bloc sale again with lower reserve price

    Dec 02, 2021



    FREEHOLD hilltop condominium Gloria Mansion, located at 292 Pasir Panjang Road, is back on the market with a reserve price of S$69 million, exclusive marketing agent Strata AMC said.

    The residential development was previously launched for collective sale in June 2018 with a S$79 million asking price. That was about 2 weeks before a round of property cooling measures was imposed in early July 2018 and tamed the en bloc fever at the time.

    Completed in 1995, the 12-storey building houses 31 apartments and sits on a site area of about 45,742 square feet (sq ft) with a current plot ratio of 1.4. It is zoned for residential use under the Urban Redevelopment Authority's Master Plan 2019.

    Based on the gross floor area (GFA) of 64,039 sq ft, the latest reserve price translates to a land rate of about S$1,078 per square foot per plot ratio (psf ppr). If an additional 7 per cent bonus GFA for balconies is approved, that will bring the land rate to S$1,007 psf ppr, said Strata AMC.

    The marketing agent said no development charge is payable as the existing baseline works out to an effective plot ratio of 1.634, which is above the 1.4 plot ratio stated in Master Plan 2019.

    More than 80 per cent of the subsidiary proprietors, by strata share value and strata floor area, have agreed to sell their properties collectively.

    Stata AMC noted that the condominium has a "panoramic view" overlooking the future Greater Southern Waterfront, in particular the Pasir Panjang Terminals, which are expected to be consolidated at Tuas Port by the 2040s.

    "Given its proximity to the future Greater Southern Waterfront, Gloria Mansion presents an exceptional redevelopment opportunity for developers seeking to create an iconic residential development," Strata AMC said.

    It added that the site is likely to attract small to mid-sized developers, given the strategic location and "attractive reserve price" with no development charge required.

    About a 5-minute drive away from Gloria Mansion is the National University of Singapore, Pasir Panjang Food Centre and Kent Ridge Park. The condominium is also an 8-minute walk to Haw Par Villa MRT station. By car, Mapletree Business City and Alexandra Retail Centre are roughly 7 minutes away.

    Gloria Mansion is accessible via the West Coast Highway and Ayer Rajah Expressway.

    Nearby, also in Pasir Panjang, freehold residential site Flynn Park has fetched S$371 million in a collective sale to a joint venture between Hoi Hup Realty and Sunway Developments in September 2021. That was the development's second en bloc attempt, after the first tender in June 2018 ended without a buyer.

    The latest tender for Gloria Mansion will close at 3 pm on Jan 17, 2022.

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