The 128,353.16sqft site houses 288 residential units and two commercial units.
At a collective indicative price of about $990 million, with no development charge payable, the project will translate into about $1,889psf ppr if the developers maximize the additional 10% bonus gross floor area allowed for balconies.
Each owner stands to receive some $3 million.
Marketing agent ERA Realty Network said that the site offers a “rare and exciting opportunity for the successful developer to showcase its branding” given that it is “likely to be a well sought after residential address in the city”.
Ong Kah Seng, Cushman & Wakefield’s senior manager for Asia Pacific research, noted that the site is expected to draw “modest interest” given its substantial size and fairly high expected price, and weakened, although not pessimistic property sentiments due to global economic uncertainties and Singapore’s economic slowdown.
“Although foreign buyers who are keen on high-end residential properties here are fairly affluent, some are expected to be fairly selective and cautious, especially for those whose wealth and domestic economy are quite affected”.
So developers might bid opportunistically, rather than optimistically, for prime sites with growth potential, he said.
In 2007, owners of Pacific Mansion put the property up for sale at $1.18 billion, or about $2,400psf ppr in a high-profile collective sale that failed to attract bids from developers that matched the price.
The tender for Pacific Mansion closes on Nov 10 at 3.30pm.
Source: The Business Times
Our advice is not to hold your breath on this one…