The owners of Pacific Mansion have put the River Valley condominium up for public tender with a reserve price of $938 million or $1,728 per square foot per plot ratio (psf ppr), said CBRE, their appointed property agent.
The development is on a freehold residential site in River Valley Close, with a land area of about 128,352 sq ft.
Based on the Urban Redevelopment Authority’s (URA) 2014 Master Plan, the site has a plot ratio of 2.8 and height control of 36 storeys.
However, the verified existing gross floor area (GFA) is some 493,222 sq ft, equivalent to a plot ratio of 3.84, said CBRE.
Including a 10 per cent bonus balcony 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 Mansion 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 rule sets a cap on the number of units, based on an average size of 70 sq m each, in non-landed private housing projects outside the central area or city centre.
“We expect strong interest from developers as this is a rare opportunity to acquire a sprawling freehold site in the River Valley district,” said CBRE director of capital markets Galven Tan.
“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,” he noted.
The tender for Pacific Mansion will close on March 16.
Source: Straits Times