Pacific Mansion sold for $980m in second-largest ever collective sale

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Completed in 1976, Pacific Mansion in River Valley comprises 288 apartments and two commercial units. (Photo: CBRE)

The freehold Pacific Mansion in prime District 9 has been sold collectively to a consortium comprising GuocoLand (Singapore), Intrepid Investments and Hong Realty for a whopping $980 million, marketing agent CBRE said on Monday (19 Mar).

This marks the largest transaction in the current en bloc cycle, exceeding Tampines Court which was sold for $970 million and Amber Park ($907 million), and is only surpassed by the sale of Farrer Court for $1.338 billion more than a decade ago.

More: Mandarin Gardens eyeing $2.5 billion collective sale

Pacific Mansion’s sale price is about 4.5 percent above the reserve price of $938 million, and works out to around $1,987 psf per plot ratio (psf ppr) based on the existing gross floor area (GFA) of 493,222 sq ft.

Inclusive of the 10 percent bonus balconies GFA, the price works out to a lower $1,806 psf ppr. No development charge is payable.

Located along River Valley Close, the sprawling 128,352 sq ft site is close to Orchard Road and the upcoming Great World MRT station on the Thomson-East Coast Line.

Completed in 1976, the 290-unit development comprises 288 apartments and two commercial units. More than 80 percent of the owners consented to the collective sale.

Each homeowner could receive a gross payout of $3.26 million to $3.48 million, while the shop units could get between $2.2 million and $4.5 million.

“The tender drew keen interest from local and foreign developers,” said Galven Tan, director, capital markets at CBRE.

“We look forward to an exciting iconic landmark to be developed on the site,” he added.

Check out our project reviews in District 9.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg