SINGAPORE (THE BUSINESS TIMES) - Freehold condominium Gloria Mansion has been sold en bloc for $70.3 million to Fraxtor Capital and a group led by the family offices of real estate veterans Daniel Teo and his brother Teo Teck Weng.
The sale of the 12-storey residential development, located at 292 Pasir Panjang Road, is the first full residential collective sale since the most recent round of property cooling measures was implemented in December last year.
Exclusive marketing agent Strata AMC had told The Business Times in December last year that Gloria Mansion was trying for a collective sale again with a $69 million reserve price.
The residential development was previously launched for collective sale in June 2018 with a $79 million asking price, but a round of property cooling measures imposed in early July 2018 had tamed the en bloc fever at the time.
One of the buyers, Mr Daniel Teo, is managing director of property developer Hong How. Mr Teo previously led a group of investors in June 2021 to buy an old bungalow at 21 Mount Rosie Road for $43.8 million, with plans to redevelop it into several landed homes for sale.
Gloria Mansion has a total site area of 45,742 sq ft with a plot ratio of 1.4, and a gross floor area without balcony of 64,039 sq ft. It currently comprises 31 apartments, but can potentially be developed into 59 units of residential apartments.
Mr Patrick Ee, who leads the Legal Solutions - the legal adviser for the collective sale - said that it was "unsurprising" that interest in the site was high, "considering the opportunity it offered to developers seeking to create another standout residential development in Singapore".