Pacific Mansion Successfully En Bloc to GuocoLand
Guocoland partners Hong Leong Investment Holdings group in the joint en bloc acquisition of the Pacific Mansion for $980 million. The successful en bloc a sets the record of the second largest en bloc for freehold condominium in District 9 and the in Singapore’s history.
This en bloc has eclipsed the recent mega deals such as Amber Park in District 15 (sold for $907 million) and Tampines Court in District 18 (sold for $970 million). The sale of Farrer Court at $1.3 billion remains as the record holder of the largest en bloc sale in Singapore residential property market.
The developer’s internal valuation of $980 million beat off competition to successfully secure the open tender and surpass the reserve price of $938 million by 4.5%.
The holding interest between GuocoLand , Hong Leong Investment Holdings’ Hong Leong Holdings Ltd and Hong Realty shall be at 40 per cent, 40 per cent and 20 per cent respectively. Hong Leong Investment Holdings is considered an interested person in the en bloc acquisition of Pacific Mansion.
Details of Pacific Mansion en bloc
Pacific Mansion is a 290-unit freehold development made up of 288 residential units and 2 commercial units. Apart from the 2 commercial owners which will receive $2.2 million and $4.5 million, the owners of residential units will be receiving a payout between $3.26 million to $3.48 million according to marketing agent CBRE.
The land parcel measuring 128,352 square foot is located at River Valley Close of District 9 and within walking distance to Orchard and Somerset. While the pacific mansion plot ratio of 2.80 under the Urban Redevelopment’s Authority (URA) Master Plan 2014, it is subjected to a height control of 36 storeys.
However, the verified existing gross floor area (GFA) is 493,222 square foot, equivalent to a plot ratio of 3.84. The maximum allowable GFA is 542,544 square foot when inclusive of the 10 per cent bonus balcony GFA. Based on the maximum allowable gross floor area, the purchase price works out to $1,806 per square foot per plot ratio.
The price of the new condo for sale at River Valley could be estimated to be around $3000 per square feet. As the condo price in Singapore has been on a good run, the estimated selling price could be highly achievable as the Thomson East Coast Line completes.
As the existing development has a sloping landscape, the developer may take the opportunity to build a cost effective natural basement carpark as seen in the Martin Modern by GuocoLand. The price of new condo in Singapore has been seeing a steady recovery since falling for more than three years.
GuocoLand plans for luxury themed condominium in River Valley
Guocoland plans for luxury theme residence
GuocoLand believes that it will be advantageous to redevelop Pacific Mansion into a luxury condominium to maximise its proximity to Orchard Road and Thomson-East Coast Line which provides direct connectivity to Marina Bay.
Spectacular view of Singapore skyline
The higher floor units in the redeveloped Pacific Mansion site will enjoy spectacular view of the Marina Bay skyline from its vantage position. The upcoming Thomson Line is beneficial for the rental values due to increased demand from Marina Bay and CBD.
River Valley property benefits from external macro factors
Guocoland can maximise the potential of the redeveloped Pacific Mansion by integrating the waterfront lifestyle along the Singapore River to offer a unique experience to the residents. With the River Valley Green slated for extension, the residents will enjoy direct access to Great World MRT Station, Great World City and Ion Orchard.
Great World City revamps ahead of upcoming Thomson Line
Allgreen Properties revealed that a new retail link in basement two will provide access between the mall and the upcoming MRT station. There are alternative access to Great World MRT station from level one and the pedestrian overhead bridge on level two. Allgreen plans to increase Great World City F&B offerings from the current 20 per cent to 30 per cent of net lettable space when works are completed.
Below is the map of the MRT station exit:
In anticipation of the new Thomson East Coast Line, several owners has withdrawn their resale condo for sale in Singapore as prices are recovering. The Singapore apartments for rent has been stable and signals towards a price recovery as the pipeline of new apartments begin to dwindle down. The completion of the upcoming Thomson-East Line is likely to bring demand from other parts of Singapore due to the increased connectivity to Robertson Quay.
Nearby Education Institutions
For the homebuyers with young children, you should consider the options for your child before choosing a singapore condo for sale. We list down the options below:
Primary School
River Valley Primary School
Alexandra Primary School
Anglo-Chinese School (Junior)
ST. Margaret’s Primary School
Zhangde Primary School
Secondary School
ANGLO-CHINESE SCHOOL (BARKER ROAD)
CRESCENT GIRLS’ SCHOOL
GAN ENG SENG SCHOOL
HWA CHONG INSTITUITION
OUTRAM SECONDARY SCHOOL
QUEENSTOWN SECONDARY SCHOOL
RAFFLES GIRLS’ SCHOOL (SECONDARY)
SINGAPORE CHINESE GIRLS’ SCHOOL
Nearby New Condominium Launch
The Martin Place site was sold at $595.1 million to GuocoLand Group during the government land sales 2016. The martin place gls has since been developed into Martin Modern, a luxury residential condominium located next to the already completed Martin Place Residences. The Martin Modern showflat features 3 different floor plans – 2-Bedrooms, 3-Bedrooms Premium and 4-Bedrooms Premium.
Lifestyle and amenities nearby Pacific Mansion
The strategic position of Pacific Mansion allows it to connect seamlessly to Orchard Road and Somerset Road. Somerset 313 offers a wide variety of dining options, shopping and beauty services. Somerset 313 is conveniently located above the Somerset MRT station.
For beauty and wellness, the residents can expect high quality facial treatment at Bretlands Beauty MD Dermatics located at 220 Orchard Road #04-07 S238852. At Bretlands Beauty, the salon use high quality imported facial treatment from USA and Europe. The residents may be able to order MD Dermatics at this shop for skin homecare system.
NTUC supermarket has a 24 hours branch located at Killiney Road for the ease of the residents to replenish their daily necessities.
With a noticeable fatigue in the en bloc movement, it is not likely to see more mega deals in District 9 as developers get more selective. Guocoland has truly bought a priceless jewel at Pacific Mansion as the investors seek for new freehold properties in River Valley.