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BUKIT Sembawang Estates, which bought The Vermont at Peck Hay Road in the Cairnhill area earlier this year, is close to sealing a deal to buy Peck Hay Mansion next door for about $64-66 million, sources say.

The price works out to about $800 psf of potential gross floor area, inclusive of an estimated development charge of $8.3 million for the 32,277 sq ft freehold plot.

This unit land price is higher than the $755 psf per plot ratio including DC that Bukit Sembawang, which is linked to the Lee family of OCBC, paid for The Vermont in March based on its $75 million price.

Both sites are zoned for residential use with 2.8 plot ratio (ratio of potential maximum gross floor area to land area).

The combined land area of about 72,653 sq ft can be redeveloped into a new condominium with about 100 units of an average size of 2,000 sq ft.

Peck Hay Mansion has been marketed by CB Richard Ellis and Credo Real Estate.

It had been put up for collective sale by expressions of interest together with a next-door property, Casa Novacrest which has a 12,163 sq ft freehold land area. It is also zoned for residential use with a 2.8 maximum plot ratio.

The Vermont is next to Peck Hay Mansion, which is adjacent to Casa Novacrest, which is in turn next to Venus Mansion.

In April, Chip Eng Seng group bought Venus Mansion for $123 million or $785 psf per plot ratio.

Market watchers reckon that with Bukit Sembawang buying Peck Hay Mansion, it makes sense for either Bukit Sembawang or Chip Eng Seng to buy Casa Novacrest.

Peck Hay Mansion will be Bukit Sembawang's sixth major residential purchase since it ended a seven-year hiatus on land buying in July last year when it bought Woodleigh Grove through a collective sale. It later also bought 32 houses at Lengkok Angsa in the Paterson Road area, Carlton Terrace in Holland Road, Chez Bright Apartments at St Thomas Walk and The Vermont.