Gloria Mansion has been sold to Fraxtor Capital and a group led by the Teo family of Tong Eng Group
SINGAPORE (EDGEPROP) - Gloria Mansion has been sold en bloc for $70.3 million to Fraxtor Capital and a group led by the family offices of Daniel Teo and his brother Teo Teck Weng, from the Teo family of Tong Eng Group. (See potential condos with en bloc calculator)
The brothers also started Hong How Group, where Daniel serves as chairman and managing director. He also serves as an investment adviser to Fraxtor.
The deal was brokered by Strata AMC, which was appointed the exclusive marketing agent.
The property was put up for collective sale tender on Dec 2 last year (See: Freehold Gloria Mansion to launch collective sale tender with $69 mil reserve price). This is the first full residential collective sale transacted since the additional cooling measures came into force in Singapore on Dec 16, 2021.
Located at 292 Pasir Panjang Road, Gloria Mansion is a 12-storey freehold residential development comprising 31 apartments. It is located close to Haw Par Villa MRT Station and is accessible by the West Coast Highway and Ayer Rajah Expressway.
Gloria Mansion has a total site area of 45,742 sq ft with a plot ratio of 1.4. Its gross floor area without balcony is 64,039 sq ft.
A residential development built on the site can potentially encompass 59 apartment units.
Patrick Ee, a partner at Legal Solutions LLC, which is the legal adviser for the collective sale, says interest in the site was high.
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