Pastoral View owners have teamed up with OCBC to sell their two properties together. OCBC’s site, located at 11 Bassein Road is next door to the 50-unit Pastoral View, located at 7 Bassein Road in the Novena area. Both properties are freehold.
“The sellers are expecting offers in the region of $130-150 million. This translates to a land rate of $904-1,043 per sq ft per plot ratio, after factoring in a marginal development charge of about $157,000 payable for No. 11 Bassein Road, to redevelop the site up to a 2.8 gross plot ratio. No DC is payable for Pastoral View,” said Tan Hong Boon, deputy managing director at Credo Real Estate, the marketing agent of the two properties.
OCBC’s property is an empty site. More than 80 percent of owners by share value and strata floor area at Pastoral View have already signed an en bloc sale agreement.
With a combined land area of 51,395 sq ft, the two sites can be developed into a 36-storey project with 140 units of average size of 1,000 sq ft, and gross floor area of 143,906 sq ft.
Under Master Plan 2008, the property is zoned for residential use with a plot ratio of 2.8.
Interested developers can bid for either one or both sites.
“We believe developers would find the enlarged site more attractive because it would offer economies of scale and broaden their offering,” said Mr. Tan.
The winning developer will be provided with space to build a showflat before the residents of Pastoral View move out, said Mr. Tan. This will allow the developer to market the new development earlier to reduce market risks and holding costs.
The Novena area houses retail and office blocks such as United Square, as well as hospitals like Tan Tock Seng. The new residential project will attract medical tourists and medical professionals, said Credo Real Estate.