Two companies controlled by Far East Organization have bought Pastoral View and an adjacent plot, No 11 Bassein Road, in an en-bloc deal worth $122 million. The two freehold sites have a combined land area of 51,395 sq ft, with a gross plot ratio of 2.8, giving a gross floor area (GFA) of 143,906 sq ft. This will permit construction of up to 36 storeys, with an estimated 140 housing units averaging 1,000 sq ft each.

 

The sale price translates into a unit land cost of $847 psf per plot ratio (ppr), taking into account a “marginal” development charge for the adjacent land. Each Pastoral View studio apartment owner walks away with gross proceeds of $1 million to $4.37 million, indicating a premium of 80% to 90% to individual sales in the market. The sale was handled by Credo Real Estate, its fifth en-bloc deal concluded this year.

 

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