The owners of Pacific Mansion have put the River Valley condominium up for public tender with a reserve price of $938 million or $1,728 per square foot per plot ratio (psf ppr).
The development is on a freehold residential site in River Valley Close, with a land area of about 128,352 sq ft.
Based on the Urban Redevelopment Authority’s (URA) 2014 Master Plan, the site has a plot ratio of 2.8 and height control of 36 storeys.
However, the verified existing gross floor area (GFA) is some 493,222 sq ft, equivalent to a plot ratio of 3.84.
Including a 10 per cent bonus balcony GFA, the maximum allowable GFA is 542,544 sq ft.
According to the URA baseline record, no development charge is payable on the maximum allowable GFA.
As Pacific Mansion is located in the central area, the “70 sq m rule” does not apply in the calculation of the maximum number of dwelling units per development.
This rule sets a cap on the number of units, based on an average size of 70 sq m each, in non-landed private housing projects outside the central area or city centre.
The tender for Pacific Mansion will close on March 16.
Adapted from: The Straits Times, 7 February 2018