Gloria Mansion up for collective sale at $79 million
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Owners of Gloria Mansion have put up the 31-unit apartment block on Pasir Panjang Road for collective sale. The reserve price of $79 million reflects a land rate of $1,234 psf per plot ratio (ppr). If the 10% additional gross floor area for the balcony area is included, the land rate will be reduced to $1,121 psf ppr, says marketing agent Huttons Asia.
There is no development charge as the current baseline exceeds the plot ratio of 1.4, as outlined in URA’s Master Plan 2014. The 45,742 sq ft site can be redeveloped into a new 84-unit development, assuming an average unit size of 753 sq ft each, Huttons Asia says.
Gloria Mansion was completed in 1995 and is located within a five-minute walk of Haw Par MRT station. The tender for the site will close on 26 July.
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