Singapore - Fragrance Court in Pasir Panjang is now up for a collective sale.

Property consultancy CBRE announced in a statement on Wednesday that the public tender for the sale has been launched with a reserve price of $70 million or $1,235 psf per plot ratio.

Located 200 metres from Pasir Panjang MRT station, the freehold site has an area of about 38,220 sq ft and is zoned for residential use under the Urban Redevelopment Authority's Masterplan 2014.

The existing development comprises 32 apartments and owners representing more than the requisite 80 per cent of share value and strata area have consented to the collective sale.

"As witnessed in recent Government Land Sale tenders, development sites, especially those next to MRT stations, continue to be highly sought after by developers," noted CBRE's director of investment properties, Mr Galven Tan.

The mature neighbourhood of Pasir Panjang will further benefit from the future Greater Southern Waterfront City planned by the URA, he added.

"Given that the neighboring project 'Bijou' achieved an average sale price of $2,120 psf in August 2014, we envisage keen interest from developers. The development size is also very manageable and will draw in a wide pool of buyers."

CBRE is the sole and exclusive marketing agent and the tender for Fragrance Court closes at 3 pm on Wednesday, Nov 19.