SINGAPORE - Casa Meyfort, a freehold residential site located in Meyer Road, is up for collective sale by tender.

Built in the 1990s, Casa Meyfort comprises 76 apartments on a land area occupying 85,249 sq ft.

As the condominium fronts Meyer Road, the site has a good view of the Central Business District, the sea, as well as 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 on the Thomson- East Coast Line.

"Casa Meyfort is a rarely available freehold residential site along the iconic Meyer Road," said Edmund Tie & Co (SEA) 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 (psf ppr).

The price tag includes a development charge of about $46 million.

The land rate price may even be as low as $1,540 psf ppr, based on the grant of an additional 10 per cent gross floor area for the balcony area and an additional development charge of about $19 million.

The tender exercise for the site closes on Jan 17.