A freehold industrial redevelopment site in Tai Seng has been put up for sale by tender.

The indicative pricing for the 34,729 sq ft site is around $44 million to $46 million, said joint marketing agents Colliers International and Jones Lang LaSalle in a statement on Monday.

This works out to $506 to $529 per sq ft (psf) per plot ratio for the plot, which is located at the junction of Kim Chuan Drive and Kim Chuan Lane.

The land parcel is occupied by a three-storey development made up of 10 shop units on the ground floor and 10 residential units spread across the second and third floor.

It can be redeveloped into a multi-user factory or warehouse of around 49 strata units that are each 1,500 sq ft on average.

Colliers and Jones Lang LaSalle said the units can probably be sold at $1,000 psf or higher.

The site is zoned for 'Business 2' usage, which means it is suitable for heavier industrial use.

The tender will close on Feb 21.