Guocoland, Hong Realty and Intrepid Investments came in top bid for Pacific Mansion collective sales at $980 million. The purchase of this site mark the highest en bloc transaction in more than 10 yrs as indicated by CBRE.
Mr Kwek and his relatives owned Hong Leong Investment Holdings (HLIH) which also owned Hong Realty an Intrepid Investments. Shares allocated are 40-40-20% for Guocoland, Intrepid and Hong Realty respectively.
The most recent arrangement denotes the biggest exchange in the present en bloc deal, surpassing Amber Park’s $907 million and Tampines Court’s $970 million. This collective sales draw interest both from local and foreign developers.
Analyst expect to price to be selling about $3,000 to $3,200psf wit the land cost break even price translate to $2,530 to $2,800 psf.
There are 288 units and 2 commercial shops in Pacific mansion. Each owner is expected to gain $3.26mm to $3.48m per unit.