Residents and owners of the Pacific Mansion condominium estate in Singapore's prime River Valley district have placed the development on the market with a reserve price of S$938 million, The (Singapore) Business Times reported, citing CBRE.
The development will be placed up for sale in a public tender, with the collective sale asking reserve price representing S$1,728 per square foot per plot ratio.
The freehold condominium sits atop a 128,352-square-foot site, with an existing gross floor area of roughly 493,222 square feet and a maximum allowable gross floor area of 542,544 square feet, taking into account an additional 10% allowance for balconies, according to CBRE, which is marketing the development.
The site also carries a height control of 36 floors.
CBRE's director of capital markets, Galven Tan, said they expect to receive interest from both domestic and offshore developers for the en bloc sale.
The tender will close March 16 at 3 p.m. local time, the Feb. 6 report noted.
As of Feb. 6, US$1 was equivalent to S$1.32.
