Gloria Mansion at 292 Pasir Panjang Road has been offered for en bloc sale on Tuesday, with a reserve price of S$79 million and is the latest to join the collective sale band wagon.
The property comprises of 12 storeys with 31 hilltop apartments and sits just 5 minutes away from the Haw Par Villa MRT station, apart from its proximity to the Ayer Rajah Expressway and the West Coast Highway.
Reserve price of the property at S$79 million equals S$1,234 psf ppr considering the GFA of 64,039 square feet.
If the 10% bonus balcony space is approved by the authorities, that would take the price to S$1,121 psf ppr and bring the GFA to 70,443 sq ft.
No redevelopment charges will apply for the 45,742.27 square feet freehold site since the present baseline at 74,744.52 sq ft or the effective plot ratio at 1.634 exceeds the current plot ratio at 1.4 with the 10% balcony space added, according to Huttons Asia, who is the marketing agents for the property.
Stephen Tan of Huttons’ stated that subject to necessary approval, the buyer is at liberty to retain the existing building and redevelop the site into approximately 84 condominium units with an average of about 70 sq meters each.
The tender for Gloria Mansion en bloc sale closes on 26th July, 2018 at 3 pm.