The prime freehold site in District 9 is located next to the upcoming Great World MRT station. (Photo: CBRE)
Pacific Mansion, a freehold residential development along River Valley Close, has been put up for collective sale at a reserve price of $938 million, or $1,728 psf per plot ratio (psf ppr), revealed marketing agent CBRE.
The development is nestled on a 128,352 sq ft site, which is zoned for residential use under the 2014 Master Plan with a plot ratio of 2.8 and a height limit of 36 storeys.
However, CBRE noted that the “verified existing gross floor area (GFA) is approximately 493,222 sq ft, equivalent to a plot ratio of 3.84. Including 10 percent bonus balconies GFA, the maximum allowable GFA is 542,544 sq ft”.
No development charge is payable on the maximum allowable GFA, it said.
And since Pacific Mansion is located within the Central Area, the “70 sq m” rule does not apply in the calculation of the maximum number of housing units per development.
“We expect strong interest from developers as this is a rare opportunity to acquire a sprawling freehold site in the River Valley district,” said CBRE capital markets director Galven Tan.
“Pacific Mansion stands out with superior attributes including its freehold tenure, District 9 address, and is within a seven-minute walk to the main Orchard Road shopping belt,” he said.
“Both local and foreign developers will be keen to evaluate the site which offers the unique opportunity to design an iconic landmark development to add to the central Singapore skyline, next to the upcoming Great World MRT station.”
The tender for Pacific Mansion will close on 16 March.