The Brookvale Park condominium in Clementi has been launched for sale by tender for a minimum price of $530 million.
The 160-unit condo in Sunset Way, built in 1983, could be redeveloped into an estate of 550 homes across 12 storeys, with an average apartment size of 1,100 sq ft.
A new development on the 999-year leasehold plot would have a total gross floor area of about 656,494 sq ft, including a 10 per cent bonus balcony area.
It comes with an estimated development charge of about $26 million, making a break-even price of about $1,480 to $1,500 psf.
The 373,008 sq ft site is within the exclusive Sunset Way enclave and near Bukit Timah and Clementi Roads, and the Pan-Island and Ayer Rajah expressways.
Singapore Polytechnic, Ngee Ann Polytechnic, the National University of Singapore, Singapore University of Social Sciences and the Canadian International School are also close by.
Other amenities in the area include Holland Village, Bukit Timah Nature Reserve, Beauty World Plaza and Bukit Timah Shopping Centre.
Ms Yong Choon Fah, national director of investment sales at marketing agent JLL, expects "strong interest" from both local and foreign developers.
The tender closes at 2.30pm on Jan 25.