Source : Channel NewsAsia – 26 Jul 2010
A condominium near Novena MRT is teaming up with an adjoining site for an en bloc sale.
The 50-unit development Pastoral View is being offered for joint sale with an adjoining land parcel at Bassein Road.
Property consultant Credo Real Estate says the sellers are looking at a price of between S$130 million and S$150 million.
Credo adds that by combining the two sites, developers will find the enlarged land parcel more attractive as they are able to enjoy economies of scale.
The combined site has a land area of 51,395 square feet.
It has a gross plot ratio of 2.8 and an allowable height of up to 36 storeys, making up a total gross floor area of about 144,000 square feet.
Credo says upon redevelopment, the site may accommodate a high-rise tower of 140 apartments with an average size of 1,000 square feet.
It adds that the asking price translates to a land rate of
S$904-S$1,043 per square foot per plot ratio, after factoring in a development charge of about S$157,000.
More than 80 percent of the owners at Pastoral View have already signed a collective sale agreement to sell their properties together.
The tender for the site closes on 23 August at 2.30pm.
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