SINGAPORE - Owners of the Derby Court condominium near the Novena neighbourhood have launched a public tender for collective sale, with a reserve price of S$62 million.

The reserve price works out to S$1,168 per square foot (psf) per plot ratio (ppr). This is based on an 18,506 square foot site with a gross floor area of 53,094 sq ft, representing an equivalent plot ratio of 2.869 times, more than the 2.8-times gross plot ratio allowed under the 2014 zoning Master Plan.

There is a further 10 per cent bonus balcony plot ratio, which would yield an effective land rate of S$1,062 psf ppr. There is no development charge payable.

The tender closes at 2.30pm on Dec 12.

The 20-unit development, comprising 18 apartments and two penthouses, sits along Derbyshire Road. It is across the road from St Joseph's Primary Institution (Junior), and also close to Anglo-Chinese School (Junior).

Tan Hong Boon, regional director of marketing agent JLL, said that the site can be redeveloped into a 70-apartment project, subject to approval.

"The site's strategic position on the corner of Derbyshire Road may offer developers some degree of flexibility in designing the new apartments such that the number with unblocked views is maximized," he said. "The new high-rise tower could be positioned to overlook St Joseph's Institution (Junior)'s low-rise facilities on one direction and towards the CBD on the opposite direction.

"For developers looking for smaller sites in District 11 with proximity to good schools, Derby Court would be a good investment choice."