The Kismis View condominium in Upper Bukit Timah has hit the collective sale market with a minimum price of $102 million.
Built in the early 1980s, the estate comprises 43 units in two four-storey and seven-storey apartment blocks. The 99-year leasehold site in Lorong Kismis has about 64 years left on the lease.
Marketing agent JLL said the site may be redeveloped into a low-rise apartment project of up to five storeys, with a total gross floor area of about 140,000 sq ft including a 10 per cent bonus balcony area.
The maximum number of units would be 168 based on the minimum average size control of 70 sq m.
JLL said the land cost works out to about $983 per sq ft per plot ratio. "This compared favourably with some nearby land sales such as the Government Land Sale site in Toh Tuck Road earlier this year, the predominantly residential mixed-use Goh & Goh Building site and the most recent Mayfair Gardens," it noted.
JLL regional director Tan Hong Boon said: "With a very manageable dollar quantum, sizeable potential upgraders from the nearby HDB estates as well as investor demand... Kismis View is a desirable site of choice for developers."
The tender closes at 2.30pm on Jan 17.