Gloria Mansion was sold in its entirety for S$70.3 million to Fraxtor Capital and a consortium fronted by Teo Teck Weng and Daniel Teo’s family offices.
The 12-story apartment complex at 292 Pasir Panjang Road is the first complete residential collective sale since the most current round of property cooling measures in December 2021.
Gloria Mansion was attempting an en bloc sale with a S$69 million reserve price, according to exclusive marketing agency Strata AMC, who informed The Business Times in December last year.
The residential complex was earlier listed for collective sale in June 2018 with a S$79 million asking price, but the en bloc fever had subsided after a set of property cooling measures enforced in early July 2018.
Daniel Teo, the managing director of property developer Hong How, is one of the purchasers. Teo previously collaborate with some investors to purchase an old house at 21 Mount Rosie Road for a total of S$43.8 million in June 2021, with the intention of redeveloping it into numerous landed properties for sale.
Gloria Mansion has a total land size of 45,742 sqft and gross floor space without balcony of 64,039 sqft, with a plot ratio of 1.4. It now has 31 flats, but it has the capacity to be expanded into 59 residential units.
“Considering the potential it gave to developers eager to construct another notable residential complex in Singapore,” Patrick Ee, who heads Legal Solutions, the collective sale’s legal counsel, said it was “unsurprising” that demand in the site was considerable.
Gloria Mansion
Gloria Mansion was sold in its entirety for S$70.3 million to Fraxtor Capital and a consortium fronted by Teo Teck Weng and Daniel Teo’s family offices.
Product SKU: Gloria Mansion
Product Currency: SGD
Product Price: 1300000
Product In-Stock: InStock
