Gloria Mansion at Pasir Panjang Road is up for collective sale. Gloria Mansion, a freehold condominium in district 5, has a reserve price of $79 million which translates to a S$1,234 per square foot per plot ratio (psf ppr) based on its gross floor area of 64,039 sq ft. The property’s marketing agent Huttons Asia said that if the development receives approval for the 10 per cent bonus balcony, it would bring the price to S$1,121 psf ppr and increase GFA to 70,443 sq ft.
Gloria Mansion was completed in 1995 and has a host of amenities like major shopping centres, supermarkets, restaurants and eating outlets, banks, library, cinemas and other entertainment facilities. Within the vicinity are also prestigious schools like Anglo-Chinese School – Independent (Dover Rd), Fairfield Methodist Secondary School and Fairfield Methodist Primary School.
The 12-storey, 31-unit hilltop apartment building is near 3 MRT stations – West Coast MRT Station, Kent Ridge MRT Station and One North MRT Station. It is located near The Village Centre and Pasir Panjang Christ Church.
Huttons Asia said that successful bidders of the property will not have to pay development charges 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.
Stephen Tan, Associate Senior Group Director at Huttons Asia said that buyers may keep the existing building at Pasir Panjang, subject to approval, and the site can be developed into about 84 condominium units averaging at about 70 square metres each. The tender will close on Thursday July 26, 2018 at 3 pm.
The Gloria Mansion collective sale at Pasir Panjang comes at a time when sentiment in the private residential market continues to be buoyant.
Overall private property prices rose across most market segments, as developers’ existing stock continues to diminish and supply of completed homes remain low. Many projects have raised prices of their unsold units (some by even double-digits this year).
Private residential market continued to gain traction with individual re-sellers seizing the opportunity to increase their asking prices in light of the more positive market sentiment which is being fueled by collective sales frenzy.
Analysts suggest that higher launch prices at some new projects slowed the buying momentum in the primary market, as sales volume dipped quarter-on-quarter. Some developers have also held back their launches in the first quarter in anticipation of higher asking prices. While overall sales had slipped quarter-on-quarter, volume have risen on a year-on-year basis.
Mr Paul Ho, chief mortgage consultant at icompareloan.com believes that the positive market sentiment and the private property price increase are driven more by portfolio diversification at play.
“Given that buyers feel bullish about the Singapore Property market and given that the malaise of over supply has been digested for many years, this is expected and understandable,” Mr Ho said.
He added: “The situation is nowhere as dire. So, this is more about the confidence and the sentiments. The fundamentals of the Singapore property market remains weak.”
Mr Ho believes that value buys in the property market right now are are landed inter-terrace houses which’s per square feet price on the built-up area is usually less than $1000.
If you are home-hunting in Pasir Panjang, our Panel of Property agents and the mortgage consultants at icompareloan.com can help you with affordability assessment and a promotional home loan. The services of our mortgage loan experts are free. Our analysis will give best home loan seekers better ease of mind on interest rate volatility and repayments.
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