The British government is having another shot at selling two land parcels around its Nassim Road High Commissioner residence.
It is relaunching the site, known as the Eden Hall land, at lower prices than at its initial January launch.
Back then, the highest bid fell short of the reserve.
Market sentiment had been weak owing to global stock market volatility and concerns about China's economic slowdown, marketing agent CBRE said.
The sale site consists of two freehold Good Class Bungalow (GCB) plots carved out of the garden land. The British government sold off a different portion in 2001.
The guide price is now $31.65 million or $1,700 per sq ft (psf) for the front plot, which is about 18,620 sq ft with about 34m of Nassim Road frontage. This is down from $40.964 million or $2,200 psf previously. It is asking about $25.48 million or $1,630 psf for the rear plot, which is about 15,634 sq ft with about 8m of Nassim Road frontage. This previous guide price was $31.27 million or $2,000 psf.
Ms Sammi Lim, CBRE director of investment properties, said some parties from the earlier tender were keen to buy the individual plots, while others wanted to buy both plots combined. The land is offered on a vacant site basis.
CBRE noted that there have been just three GCB sales in Nassim Road over the past nine years. In Feb 2012, a plot of 23,922 sq ft land there went for $47.842 million or about $2,000 psf.
"This window of opportunity to invest is narrow as the GCB market has picked up pace in recent months... Buyers (will continue) to take the opportunity to look out for sites to upgrade to better locations, bigger plots and more prestigious addresses," Ms Lim added.
In the first half of this year, 13 GCBs were sold for a total of $280 million.