Gloria Mansion tries for en bloc sale again with lower S$69m reserve price

FREEHOLD hilltop condominium Gloria Mansion, located at 292 Pasir Panjang Road, is back on the market with a reserve price of S$69 million, exclusive marketing agent Strata AMC told The Business Times.

The residential development was previously launched for collective sale in June 2018 with a S$79 million asking price. That was about 2 weeks before a round of property cooling measures was imposed in early July 2018 and tamed the en bloc fever at the time.

Completed in 1995, the 12-storey building houses 31 apartments and sits on a site area of about 45,742 square feet (sq ft) with a current plot ratio of 1.4. It is zoned for residential use under the Urban Redevelopment Authority's Master Plan 2019.

Based on the gross floor area (GFA) of 64,039 sq ft, the latest reserve price translates to a land rate of about S$1,078 per square foot per plot ratio (psf ppr). If an additional 7 per cent bonus GFA for balconies is approved, that will bring the land rate to S$1,007 psf ppr, said Strata AMC.

The marketing agent said no development charge is payable as the existing baseline works out to an effective plot ratio of 1.634, which is above the 1.4 plot ratio stated in Master Plan 2019.

More than 80 per cent of the subsidiary proprietors, by strata share value and strata floor area, have agreed to sell their properties collectively.

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Stata AMC noted that the condominium has a "panoramic view" overlooking the future Greater Southern Waterfront, in particular the Pasir Panjang Terminals, which are expected to be consolidated at Tuas Port by the 2040s.

"Given its proximity to the future Greater Southern Waterfront, Gloria Mansion presents an exceptional redevelopment opportunity for developers seeking to create an iconic residential development," Strata AMC said.

It added that the site is likely to attract small to mid-sized developers, given the strategic location and "attractive reserve price" with no development charge required.

About a 5-minute drive away from Gloria Mansion is the National University of Singapore, Pasir Panjang Food Centre and Kent Ridge Park. The condominium is also an 8-minute walk to Haw Par Villa MRT station. By car, Mapletree Business City and Alexandra Retail Centre are roughly 7 minutes away.

Gloria Mansion is accessible via the West Coast Highway and Ayer Rajah Expressway.

Nearby, also in Pasir Panjang, freehold residential site Flynn Park has fetched S$371 million in a collective sale to a joint venture between Hoi Hup Realty and Sunway Developments in September 2021. That was the development's second en bloc attempt, after the first tender in June 2018 ended without a buyer.

The latest tender for Gloria Mansion will close at 3 pm on Jan 17, 2022.

READ MORE:

• En bloc buzz is back; but some projects have cut asking prices
• Price surge stokes en bloc hopes, but expectations gap a hurdle
• Flynn Park sold en bloc for S$371m to Hoi Hup-Sunway joint venture
• Chuan Park now in private talks following close of S$938m en bloc tender