SINGAPORE - Balestier Regency, a 72-unit condominium complex off Balestier Road, has been launched for collective sale by tender on Wednesday (May 23) with a minimum expected price of $218 million, marketer Teakhwa Real Estate said.

This indicative price translates to a land rate of $1,264.9 per sq ft per plot ratio (psf ppr), including a development charge of $1.35 million. The land price would be reduced to about $1,220.9 psf ppr, if the 10 per cent bonus balcony area is included, according to Teakhwa.

In addition, the 61,951.8 sq ft freehold residential site has a plot ratio of 2.8, and an allowable height of up to 36 storeys.

Subject to approval from the relevant authorities, the maximum allowable gross floor area (GFA) of 173,408.9 sq ft could potentially yield about 230 apartments with an average size of 753 sq ft per unit for the new condominium development, Teakhwa Real Estate said.

The property is located next to Shaw Plaza, a five-storey shopping mall which houses Shaw Theatres, FairPrice and fast-food outlets including KFC and McDonald's. It is also within 1km of Hong Wen Primary School, and within 2km of St Joseph Institution (Junior) and CHIJ Toa Payoh.

The nearest MRT stations are Novena and Toa Payoh MRT stations.

"For its central city location, freehold tenure, huge land size and undemanding land rate expectation, we can expect strong developers' interest for this attractive site," said Sieow Teak Hwa, managing director of Teakhwa Real Estate.

The tender for Balestier Regency will close at 3pm on June 21, 2018.