SINGAPORE - A freehold serviced apartment block at No 2 Mount Elizabeth Link has been put up for sale via tender with an indicative price of $230 million.

The 22-storey tower block comprises 72 apartment units with sizes ranging from 760 square feet (sq ft) to 7,135 sq ft.

It is currently leased and operating as Fraser Residence Singapore, one of the brands under global hospitality operator Frasers Hospitality Pte Ltd.

The property sits on a regular plot with a land area of about 35,385 sq ft and has a total gross floor area of about 104,375 sq ft. This translates to a plot ratio of 2.95, which exceeds the plot ratio of 2.8 designated under the Urban Redevelopment Authority's Master Plan 2014.

The site is located in District 9, and is a five-minute walk from the Orchard Road shopping belt, with the Orchard and Somerset MRT Stations on the North-South Line also nearby.

Anglo-Chinese School (Junior and Primary), River Valley Primary School, Singapore Chinese Girls' Primary School and Chatsworth International School are all located within a one to two kilometre radius.

"Buyers have the option to either redevelop the plum site into a brand new luxury residential development to take advantage of the improved high-end residential market, or retain its existing serviced apartment use to continue catering to the rising demand from tourist and business travellers," said Shaun Poh, executive director of Capital Markets of the propety's sole marketing agent Cushman & Wakefield.

He added that the close proximity to Mount Elizabeth Hospital makes the property well-positioned to capture demand from medical tourism.