SINGAPORE - A residential site in Hillview, which can be used to build a 10-storey condominium development, has been put up for sale by tender with an indicative price of $55 million.

The currently vacant land plot at 1 Jalan Remaja has a land area of about 4,046.6 sq m, or about 43,557 sq ft.

It has a gross plot ratio of 1.92, including an additional plot ratio of 0.3. This means the project that can be developed on it can have a maximum gross floor area of 7,769.47 sq m, or about 83,630 sq ft.

Assuming an average apartment size of 70 sq m, this would mean about 110 units, said marketing agent DTZ Debenham Tie Leung (SEA) on Monday.

The estimated development charge payable to develop the site for residential use at plot ratio 1.92 is about $18.2 million, DTZ said.

DTZ added that the site is located on elevated ground and offers views of the surrounding landed housing area and nearby nature parks such as Little Guilin and Bukit Timah Nature Reserve.

Both the Bukit Batok and Bukit Gombak MRT stations are nearby, and the area will be served by Hillview MRT station on the Downtown Line when it becomes operational in 2015.

The tender for will close on May 21, at 3pm.