The owners of Kingsley Mansion are launching a collective sale by tender for the 18-unit condominium in the Balestier area with a reserve price of $45.5 million.

The tender, which will be launched today, closes on Sept 13.

The reserve price for the 14,350 sq ft freehold site translates to a land rate of $1,132 per sq ft per plot ratio (psf ppr), with no development charge payable on its gross plot ratio of 2.8 times or the maximum permissible gross floor area of about 40,180 sq ft.

If a 10 per cent bonus area from balconies is included, the land price will be reduced to $1,086 psf ppr, inclusive of a $2.5 million development charge. No pre-application feasibility study is required.

The site, which is close to the Novena precinct, can be built up to 36 storeys and could yield 53 apartments with an average size of 753 sq ft, marketing agent Century 21 said.

If the tender is successful, each unit could fetch between $2.36 million and $2.57 million.