Goldhill Shopping Centre in Novena has been launched for collective sale with a reserve price of $425 million.
With a development charge of around $61.2 million, the land rate for the freehold site translates to around $2,597 per square foot per plot ratio.
It is the first fully commercial collective sale site to be launched this year, said Cushman & Wakefield, the agent handling the sale.
The tender is set to close on June 27 at 3pm.
The existing development, with a site area of 62,422 sq ft, comprises three blocks of walk-up commercial units, with retail shops on the ground floor.
The site is zoned "commercial", with a plot ratio of three, translating to a maximum gross floor area of around 187,266 sq ft. It has a building height limit of 117m above mean sea level.
The Goldhill site represents an opportunity for developers to "create a trophy landmark commercial development in an established location", said Ms Christina Sim, Cushman & Wakefield's director of capital markets.
It is within walking distance of, among other developments, United Square, Novena Square, Square 2 and Tan Tock Seng Hospital.
"With the impending North-South Expressway in the pipeline, there may also be a possibility of a direct connection to the Novena MRT station through the basement, subject to planning approval," Ms Sim noted.