Pacific Mansion in River Valley goes for S$980m in biggest en-bloc sale in over a decade

Pacific Mansions sold to Guocoland and Hong Leong Group for a hefty $980 million, making it the second-highest affair in en bloc history.
CBRE

Guocoland and Hong Leong Investment Holdings have outbid competitors in a joint venture to win a bid to buy the Pacific Mansion condominium development in River Valley for S$980 million ($743 million), making it the second-largest en bloc transaction in over a decade.

The deal is only surpassed by the sale of Farrer Court for S$1.338 billion in 2007, while it beats the recent sales of Tampines Court (S$970m) and Amber Park (S$907m).

The winning bid represents a 4.5% premium to the development’s reserve price which was set at S$938 million.

The 290-unit freehold comprises 288 apartments and two commercial units.

Owners of the shop units are expected to cash out S$2.2 million to S$4.5 million monthly, while apartment owners are to receive gross payouts of S$3.26 million to S$3.48 million.

The deal was brokered by marketing agent CBRE, and is its third successful sale in 2018, following the Cairnhill Mansions and Riviera Point deals in February 2018.

Mainboard-listed GuocoLand has a 40% stake in the bid, while Hong Leong Investment Holdings’ Intrepid Investments and Hong Realty hold the remaining 40% and 20% stakes.

 

The development is on a freehold residential site with a land area of about 128,352 sq ft.

According to the Urban Redevelopment Authority’s (URA’s) 2014 Master Plan, the site has a plot ratio of 2.8 and height control of 36 storeys.

CBRE said that the verified existing gross floor area (GFA) is approximately 493,222 sq ft, which works out to be S$1,987 per sq ft, per plot ratio.

Including a 10% bonus balcony GFA, the maximum allowable GFA is 542,544 sq ft.