Gloria Mansion at Pasir Panjang Road is hitting the market on Tuesday for S$79 million, the latest to hop on the collective sale train here.
The freehold 12-storey, 31-unit hilltop apartment building is five minutes away from Haw Par Villa MRT Station and close to West Coast Highway and the Ayer Rajah Expressway. The reserve price of S$79 million translates to S$1,234 per square foot per plot ratio (psf ppr) based on its gross floor area of 64,039 sq ft.
If authorities approve of the 10 per cent bonus balcony, that would bring the price to S$1,121 psf ppr and increase GFA to 70,443 sq ft. There will be no development charge as the existing baseline of 74,744.52 sq ft or an effective plot ratio of 1.634 is above the current plot ratio of 1.4 including the additional 10 per cent balcony space.
The buyer could keep the existing building, subject to approval, and the site can be developed into about 84 condominium units averaging about 70 square metres each.
Adapted from: The Business Times, 19 June 2018