SINGAPORE (Mar 26): The property market is on an upturn and the prime districts have seen successful collective sales recently, the biggest of which was that of Pacific Mansion on River Valley Close, which was sold en bloc for $980 million on March 19.

Pacific Mansion was purchased by a joint venture company set up by listed property developer GuocoLand, led by Malaysian tycoon Quek Leng Chan, and privately held entities of Hong Leong Holdings in Singapore, controlled by his cousin and fellow tycoon, Kwek Leng Beng.

Pacific Mansion’s purchase price of $980 million translates into a land rate of $1,806 psf per plot ratio (ppr), which means the new freehold development on the site is likely to have selling prices in the range of $3,000 to $3,200 psf, estimate property consultants.

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