Freehold Gloria Mansion to launch collective sale tender with $69 mil reserve price

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November 29, 2021 9:47 PM SGT
The development was put up for sale with a reserve price of $79 million in June 2018, but the tender closed without a successful bid.
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SINGAPORE (EDGEPROP) - Gloria Mansion, a freehold residential development on Pasir Panjang Road, will launch its collective sale tender on Dec 2. The 31-unit development will be put up for sale with a reserve price of $69 million. Strata AMC is the appointed marketing agent for this collective sale.
Gloria Mansion is a 12-storey development that sits on a 45,742 sq ft site with a plot ratio of 1.4. The development has a gross floor area (GFA) of 64,039 sq ft excluding balconies.
The reserve price translates to $1,078 psf per plot ratio (ppr) based on the existing GFA. The development also utilises an existing plot ratio of 1.634, which means there will not be any development charge for the redevelopment.
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This is the second time owners at Gloria Mansion have launched a collective sale attempt for their development. The development was put up for sale with a reserve price of $79 million in June 2018. The tender closed without a successful bid.
The view from Gloria Mansion towards Pasir Panjang and the future Greater Southern Waterfront. (Picture: Strata AMC)
Gloria Mansion is centrally located in Pasir Panjang and is less than 500m from Haw Par Villa MRT station on the Circle Line. It is close to the Kent Ridge campus of the National University of Singapore, as well as major commercial developments such as MapleTree Business City and Alexandra Retail Centre.
According to Strata AMC, the collective sale of Gloria Mansion will likely attract bids from small to medium-sized developers who are keen to capitalise on the central location and attractive reserve price.
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