Yet another property in Novena has been put up for en bloc sale. This time, it is the 24-unit Gilstead Mansion.
Private low-rise property near Novena MRT station
Just a stone’s throw away from the Novena MRT station, Gilstead Mansion is joining the ranks of older establishments in the Novena area putting themselves in the collective sale market. Prices are expected to hover around $68 million.
Other properties in the area which have gone en bloc this year include Goldhill Shopping Centre, 27 Moulmein Rise, and Minbu Villa. There were also a couple of successes. Dunearn Garden and Chancery Court have both been sold for $1,914 psf and $1,610 psf ppr.
A plus for the site is that its freehold status. With a land area of 35,751 sq ft and a gross plot ratio of 1.22, the existing gross floor area is about 43,463.0 sq ft. There is no development charge. With the $68 million minimum sale price, the psf ppr would be $1,564.50.
Novena growing as a health hub – more jobs, more residents
The Novena area is growing into its own as a health hub, with more jobs expected to flow into the district. Being in the city fringes also has its perks. The Gilstead Mansion site puts the orchard city stretch just a short drive or train ride away. It has the exclusivity and quiet of the city fringes without the high prices of properties right in town.
Gilstead Mansion currently has a built-up height of 4 storeys and the new development can be 22 cluster terraced houses or any other existing approved apartment housing form which does not involve intensification of its existing gross floor area.