Pacific Mansion sold en bloc for $980m in second-highest deal
Pacific Mansion condominium development in River Valley has been bought by Hong Leong Investment Holdings group and GUOCOLAND winning the bid for the price value of S$980 million, setting the high standard amongst the recent en bloc deals.
This deal dominated the recent sale of Tampines Court, for the price value of S$970 million, and Amber Park, for price value S$907 million, for the biggest en bloc transaction in the present cycle. It has overcome only by the sale of Farrer Court valuing S$1.3 billion which is more than a decade ago.
This freehold 128,352 square ft site holds a plot ratio of 2.8 under Urban Redevelopment Authority’s 2014 Master Plan, however, its maximal allowable gross floor area is set to 542,544 sq ft since its present gross floor area is 493,222 sq ft with a 10% bonus balcony area calculation. Based upon the maximal allowable gross floor area, this purchase price sets to S$1,806 per sq ft per plot ratio.