The hilltop apartment at Pasir Panjang Road is close to Haw Par Villa MRT station, the West Coast Highway and Ayer Rajah Expressway. (Photo: Huttons Asia)
Gloria Mansion, a freehold residential development at Pasir Panjang Road, has been put up for collective sale with a reserve price of $79 million.
Based on its gross floor area of 64,039.18 sq ft, the reserve price works out to a land rate of $1,234 psf per plot ratio (psf ppr). Inclusive of the 10 percent balcony area (subject to authorities’ approval), it would be a lower $1,121 psf ppr.
Marketing agent Huttons Asia noted that no development charge is payable for the 45,742.27 sq ft site since its existing baseline of 74,744.52 sq ft or effective plot ratio of 1.634 is above the current plot ratio of 1.4, inclusive of the additional 10 percent balcony space.
Gloria Mansion is a 12-storey residential development with 31 apartment units. Located in District 5, the hilltop apartment is close to Haw Par Villa MRT station, the West Coast Highway and Ayer Rajah Expressway.
Huttons added that the existing 12-storey building can be kept (subject to approval) and the site can be developed into about 84 condominium units averaging at about 753 sq ft each.
The tender exercise for Gloria Mansion closes on 26 July.
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