Singapore property tycoon Kwek Leng Beng and his Malaysian billionaire cousin Quek Leng Chan had team up to made a purchase of a rare freehold site in Singapore prime district at River Valley. The acquired Pacific Mansion in District 9 had hit the second-highest record of $980 million deal.
Singapore-listed company, GuocoLand and Intrepid Investments each hold a 40 per cent stake for the upcoming project of The Avenir (former Pacfic Mansion) while Hong Leong Investment Holdings (HLIH) holds 20 per cent stake.
The tender for Pacfic Mansion site drew many interest of the local as well as foreign developers. The large freehold site will attract many home investors for its rare location in the prime district.
The land cost for the Pacific Mansion site translate to a estimated break-even price of about $2,530 to $2,800 per sq ft. The potential selling price for The Avenir is estimated to be $3,000 to $3,200 psf. Pacific Mansion has a total unit of 288 apartments and 2 commercial units. Each of the owners walk away with a gross payout estimated of $3.26 million to $3.48 million. The owners of the two commercial units will receive estimated of $2.2 million to $4.5million. The Avenir condominium consist of 376 units.
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