The Estoril, a condominium at 95 and 97, Holland Road, is up for collective sale with a guide price of $220 million, reflecting a land price of about $1,625 per sq ft per plot ratio.

Sitting on a site area of about 84,600 sq ft and zoned "residential" with a height control of up to 12 storeys, the development comes with a plot ratio of 1.6 based on the 2014 Master Plan, and has a maximum allowable gross floor area of about 148,896 sq ft, including a 10 per cent bonus area on balconies.

According to the Urban Redevelopment Authority development baseline record, no development charge is payable.

The site could potentially be redeveloped from its current 44 units into a residential development of 166 units.

CBRE capital markets director Sammi Lim believes a land price of less than $250 million will be "palatable" for developers.

"The spotlight on the current collective sale cycle seems to have started to shift to the prime districts," he said.

"The recent sale of Cairnhill Mansions, the first residential development site sold in the prime district in the current cycle, will kick-start more prime activity en bloc in the coming months."

CBRE is the exclusive and sole marketing agent for The Estoril.

The public tender for The Estoril will close on April 3.