The Freehold Gloria Mansion was sold en bloc on 20 Jan 2022 for $70.3 million to Fraxtor Capital and a group led by the family offices of real estate veterans Daniel Teo and his brother Teo Teck Weng.
Gloria Mansion has a total site area of 45,742 sq ft with a plot ratio of 1.4, and a gross floor area without balcony of 64,039 sq ft. It currently comprises 31 apartments, but can potentially be developed into 59 units of residential apartments.
A view of Gloria Mansion along Pasir Panjang Road
Gloria Mansion Historical Price Trend
19 Jan 2022
FREEHOLD condominium Gloria Mansion has been sold en bloc for S$70.3 million to Fraxtor Capital and a group led by the family offices of real estate veterans Daniel Teo and his brother Teo Teck Weng.
The sale of the 12-storey residential development, located at 292 Pasir Panjang Road, is the first full residential collective sale since the most recent round of property cooling measures was implemented in December 2021.
Exclusive marketing agent Strata AMC had told The Business Times in December last year that Gloria Mansion was trying for an en bloc sale again with a S$69 million reserve price.
The residential development was previously launched for collective sale in June 2018 with a S$79 million asking price, but a round of property cooling measures imposed in early July 2018 had tamed the en bloc fever at the time.
One of the buyers, Daniel Teo, is managing director of property developer Hong How. Teo previously led a group of investors in June 2021 to buy an old bungalow at 21 Mount Rosie Road for S$43.8 million, with plans to redevelop it into several landed homes for sale.
Gloria Mansion has a total site area of 45,742 square feet (sq ft) with a plot ratio of 1.4, and a gross floor area without balcony of 64,039 sq ft. It currently comprises 31 apartments, but can potentially be developed into 59 units of residential apartments.
2 Dec 2021
FREEHOLD hilltop condominium Gloria Mansion, located at 292 Pasir Panjang Road, is back on the market with a reserve price of S$69 million, exclusive marketing agent Strata AMC told The Business Times.
The residential development was previously launched for collective sale in June 2018 with a S$79 million asking price. That was about 2 weeks before a round of property cooling measures was imposed in early July 2018 and tamed the en bloc fever at the time.
Completed in 1995, the 12-storey building houses 31 apartments and sits on a site area of about 45,742 square feet (sq ft) with a current plot ratio of 1.4. It is zoned for residential use under the Urban Redevelopment Authority's Master Plan 2019.
Based on the gross floor area (GFA) of 64,039 sq ft, the latest reserve price translates to a land rate of about S$1,078 per square foot per plot ratio (psf ppr). If an additional 7 per cent bonus GFA for balconies is approved, that will bring the land rate to S$1,007 psf ppr, said Strata AMC.
The marketing agent said no development charge is payable as the existing baseline works out to an effective plot ratio of 1.634, which is above the 1.4 plot ratio stated in Master Plan 2019.
19 Jun 2018
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, said marketing agent Huttons Asia in a statement.
Huttons' Stephen Tan said that 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.
The tender will close on July 26, 2018, at 3 pm.
