GuocoLand Ltd.'s GuocoLand (Singapore) Pte. Ltd., Intrepid Investments Pte. Ltd. and Hong Realty (Pte.) Ltd. won the public tender for the Pacific Mansion condominium estate in Singapore's prime River Valley district for S$980 million.
The acquisition price eclipsed the S$938 million reserve price for the property when it hit the market in early February.
GuocoLand (Singapore), Intrepid and Hong Realty will hold the property through their agreed proportions of 40%, 40% and 20%, respectively, and will also undertake the estate's joint development into a luxury condominium project.
The freehold site measures 11,924.30 square meters and has a plot ratio of 3.84. The site also bears a 36-floor maximum allowable height, while the maximum allowable gross floor area is set at 542,544 square feet.
In a March 19 report, Bloomberg News described the deal as the biggest acquisition for a residential site in more than 10 years in the city-state and only follows the S$1.34 billion sale of Farrer Court in 2007.
As of March 16, US$1 was equivalent to S$1.32.
