SINGAPORE: Pacific Mansion has been sold for S$980 million, the largest collective sale in more than a decade, real estate agency CBRE announced on Monday (Mar 19).
In a news release, CBRE said the public tender for the property was awarded to a tripartite joint venture formed by Guocoland (Singapore), Intrepid Investments and Hong Realty.
The sale is the largest since that of Farrer Court at S$1.34 billion in 2007, according to marketing agent CBRE. It is also the largest transaction in the current en bloc cycle, exceeding Tampines Court's S$970 million and Amber Park's S$907 million, the agency added.
Pacific Mansion is a 290-unit development comprising 288 apartments and two commercial units at River Valley Close.
The sale price is about 4.5 per cent higher than the reserve price of S$938 million.
CBRE's director of capital markets Galven Tan said the tender drew keen interest from both local and foreign developers.
The result of the tender is “testament to the excellent attributes of the sprawling freehold site in the heart of district nine, which includes the proximity to both the central business district and Orchard Road shopping belt, and the upcoming Great World City MRT Station," he said.
CBRE said that each residential unit owner will stand to receive a gross payout of S$3.26 million to S$3.48 million, while owners of shop units will receive between S$2.2 million and S$4.5million.
Based on the verified existing gross floor area of about 493,222 sq ft, the total price of S$980 million works out to S$1,987 per square foot per plot ratio price, according to CBRE.
Including the 10 per cent bonus balconies gross floor area, the maximum allowable gross floor area for the property is 542,544 sq ft, working out to about S$1,806 per square foot per plot ratio price, CBRE said.