Pacific Mansion En Bloc
Pacific Mansion was a 290 unit development that consisted of 288 apartments and 2 commercial units at River Valley Close. The freehold site drew keen interest from local and foreign bidders due to its extensive site area and proximity to both the central business district and Orchard Road shopping belt, and the upcoming Great World City MRT Station.
The public tender was awarded to a tripartite joint venture formed by Guocoland (Singapore), Intrepid Investments and Hong Realty at a sale price of $980 million in March 2018. This makes it the largest sale since that of Farrer Court at S$1.34 billion in 2007. The sale price is approximately 4.5 per cent higher than the reserve price of S$938 million.
The deal beats out the recent sales of Tampines Court, for S$970 million, and Amber Park, for S$907 million, for the largest en bloc transaction in the current cycle. It is surpassed only by the S$1.3 billion sale of Farrer Court more than a decade ago.
The freehold 128,352 square foot site has a plot ratio of 2.8 under the Urban Redevelopment Authority’s 2014 Master Plan, but its maximum allowable gross floor area works out to 542,544 sq ft because its existing gross floor area is already 493,222 sq ft with a 10 per cent bonus balcony area. Based on the maximum allowable gross floor area, the purchase price works out to S$1,806 per sq ft per plot ratio.
The former Pacific Mansion will be redeveloped into The Avenir comprising of 376 luxurious apartment units with expected TOP in August 2025.