A blue-chip freehold residential site near Orchard Road that can be used for landed homes has been put on the market with a price of at least $72.8 million.

One Tree Hill Gardens comprises six maisonettes and seven apartments in a three-storey block on a site spanning 3,629.1 sq m or 39,063 sq ft.

Marketing agent Knight Frank said the asking price works out to a land cost of $1,864 per sq ft.

The Straits Times understands that each owner could reap around $4 million to $11.5 million from the deal, depending on the size of their property. Units at the development off Orchard Boulevard range from 1,916 sq ft to 4,682 sq ft.

The site, which is bounded by One Tree Hill, Jalan Arnap and Jalan Kelawar, could be redeveloped into a combination of 13 detached and semi-detached houses.

Knight Frank expects the site to garner "strong interest" in view of its prime location and relatively affordable investment size.

Mr Ian Loh, head of investment and capital markets at Knight Frank, said: "We continue to see very strong interest for redevelopment opportunities... Sizeable residential redevelopment sites for landed homes are rarely available."

One Tree Hill Gardens is in an enclave comprising landed homes and high-end apartments.

Knight Frank noted that it is only around 300m from the upcoming Orchard Boulevard MRT station on the Thomson-East Coast Line.

Demand for redevelopment sites has been brisk recently as developers look to build up their land banks. Three prime residential redevelopment plots - in Grange Road, Cuscaden Walk and Hullet Road - were sold via tender in November to separate developers for a total of $190.5 million.

Land-hungry developers also dipped into the collective sale market last year, with en-bloc deals struck for such sites as Raintree Gardens in Potong Pasir, Shunfu Ville near Marymount MRT station and Harbour View Gardens in Pasir Panjang Road.

The tender for One Tree Hill Gardens closes at 3pm on Feb 28.