Balestier Regency, a 72-unit condominium complex off Balestier Road, was launched for collective sale by tender yesterday, with a minimum expected price of $218 million, Teakhwa Real Estate said.
The indicative price translates to a land rate of $1,264.90 per square feet per plot ratio (psf ppr), including a development charge of $1.35 million.
The land price will fall to about $1,220.90 psf ppr if the 10 per cent bonus balcony area is included, Teakhwa said.
The 61,952 sq ft freehold residential site has a plot ratio of 2.8, and an allowable height of up to 36 storeys.
If approved by the authorities, the maximum allowable gross floor area of 173,409 sq ft could potentially yield about 230 apartments, with an average size of 753 sq ft per unit for the new condo development, Teakhwa said.
The property is located next to Shaw Plaza, a five-storey shopping mall that houses Shaw Theatres, a FairPrice supermarket, and fast-food outlets like McDonald's.
It is also located within 1km of Hong Wen School, and within 2km of St Joseph's Institution (Junior) and CHIJ Toa Payoh. The nearest MRT stations are Novena and Toa Payoh MRT stations.
Mr Sieow Teak Hwa, managing director of Teakhwa Real Estate, said: "For its central city location, freehold tenure, huge land size and undemanding land rate expectation, we can expect strong developer interest for this attractive site."
The tender for Balestier Regency closes on June 21.