Casa Meyfort, a freehold residential site in Meyer Road, is up for collective sale by tender.
Built in the 1990s, Casa Meyfort comprises 76 apartments on a land area occupying about 85,249 sq ft.
As the condominium fronts Meyer Road, the site has a good view of the Central Business District, the sea and the Mountbatten Road landed housing estate.
Under the Government's 2014 Master Plan , the site is zoned for residential use with a gross plot ratio of 2.8.
It is located within 600m of the upcoming Katong Park MRT station of the Thomson-East Coast Line.
"Casa Meyfort is a rarely available freehold residential site along the iconic Meyer Road," said Edmund Tie & Company director of investment advisory Tan Chun Ming.
"It's the perfect opportunity for the developer to create an upscale residential product, and may potentially set a new benchmark for the entire Meyer Road."
The owners have set a reserve price of $340 million, which reflects a land rate of $1,616 per sq ft per plot ratio.
The price tag includes a development charge of about $46 million.
Based on the reserve price, each owner will pocket almost $4.5 million on average.
The tender closes on Jan 17.