ST : Pastoral View tries to sell en bloc again

Jul 27, 2010

Pastoral View tries to sell en bloc again

After failed 2008 attempt, it is making another bid, this time with adjoining vacant plot

By Joyce Teo

THE revival in the collective sale market this year is continuing, with a small development and adjoining land parcel in the Novena area the latest to go on sale.

The 50-unit Pastoral View and the vacant plot have a combined asking price of about $130 million to $150 million.

The two sites in Bassein Road have a total land area of 51,395 sq ft and can be built up to some 143,906 sq ft of gross floor area and a height of 36 storeys. They are near Novena MRT station.

Credo Real Estate, which is marketing the freehold sites, said the buyer can choose to build a high-rise tower comprising 140 apartments with an average size of 1,000 sq ft each.

The price translates to a land rate of $904 to $1,043 per sq ft per plot ratio, said its deputy managing director Tan Hong Boon.

This includes a modest development charge of about $157,000 for the plot at 11 Bassein Road to redevelop it.

No development charge is payable for the 10-storey Pastoral View, which was previously put up for sale in early 2008 at an asking price of $95 million without the adjoining plot.

But the market had turned for the worse by the time the tender closed in April that year, and it was not sold.

Credo said buyers can opt to tender for the combined sites or either one.

Pastoral View alone is 34,193 sq ft in size and going for $86.6 million to $100 million. If the sale goes through at the minimum asking price, the estate's owners will stand to reap at least $1.04 million to $4.56 million each, depending on their unit's size.

The smaller adjoining plot at 11 Bassein Road is 17,203 sq ft in size. The asking price for the plot alone is about $43.4 million to $50 million. A search shows that it is owned by OCBC Bank.

So far this year, at least 16 sites worth $786 million have been sold en bloc, compared with just one last year at $100.8 million, said Credo.

More sites are expected to be put up for collective sale this year, said Mr Tan.

joyceteo@sph.com.sg