SINGAPORE - The owners of Pacific Mansion have put the River Valley condominium up for public tender with a reserve price of S$938 million or S$1,728 per sq ft per plot ratio (psf ppr), said CBRE, their appointed property agent.
The development is located along River Valley Close on a freehold residential site with a land area of approximately 128,352 sq ft.
Based on the Urban Revelopment Authority's (URA's) 2014 Master Plan, the site has a plot ratio of 2.8 and a height control of 36 storeys.
However, the verified existing gross floor area (GFA) is approximately 493,222 sq ft, equivalent to a plot ratio of 3.84, said CBRE. Including the 10 per cent bonus balconies GFA, the maximum allowable GFA is 542,544 sq ft, it said.
According to the URA baseline record, no development charge is payable on the maximum allowable GFA, said the agency.
As Pacific Mansions is located in the Central Area, the "70 sq m" rule does not apply in the calculation of the maximum number of dwelling units per development, CBRE added. This is a cap on the number of units, based on an average size of 70 sq m GFA for each, in non-landed private housing projects outside the Central Area.
Said Galven Tan, CBRE's director of capital markets: "We expect strong interest from developers as this is a rare opportunity to acquire a sprawling freehold site in the River Valley district. Pacific Mansion stands out with superior attributes including its freehold tenure, District 9 address, and being within a seven-minute walk to the main Orchard Road shopping belt.
"Both local and foreign developers will be keen to evaluate the site which offers the unique opportunity to design an iconic landmark development to add to the central Singapore skyline, next to the upcoming Great World MRT Station."
The tender for Pacific Mansion will close at 3pm on March 16, 2018.