The British government has put more of the Eden Hall land around its High Commissioner's residence in Nassim Road up for sale, after selling off a portion in 2001.
It has carved out two freehold land plots from the garden land for buyers with deep pockets interested in securing some of the plummiest land in Singapore.
The indicative price for Plot A, which is about 18,620 sq ft and comes with about 36m of Nassim Road frontage, is $40.964 million, or $2,200 per sq ft (psf).
The guide price for Plot B, which is about 15,634 sq ft and has a frontage of about 8m in Nassim Road, is $31.268 million or $2,000 psf.
"Based on recent market feedback, CBRE is very confident that these prices will be exceeded," the marketing agent said.
Eden Hall itself, a conservation bungalow, remains the official residence of Britain's High Commissioner here.
CBRE noted that land for Good Class Bungalows (GCBs) in the Nassim Road area is tightly held and rarely available for sale.
"Nassim's tree-lined boulevards... on ample ground offer owners total privacy, right in the heart of town... Eden Hall is steeped in history and the sale of the two plots represents a landmark sale in the GCB market," said Ms Sammi Lim, associate director of investment properties at CBRE.
The properties are being offered on a vacant site basis.
The British government had, in 2001, sold off a portion of the site, which was originally more than 200,000 sq ft.
Motoring tycoon Peter Kwee and "Popiah King" Sam Goi bought the roughly 109,000 sq ft parcel in April 2001 for $50.4 million. Mr Kwee took the larger part of about 63,300 sq ft.
He then sold 39,383 sq ft to Ms Oei Siu Hoa, a member of Indonesia's Widjaja family and sister of businessman Oei Hong Leong, for $25.5 million in 2003. It is now 28M Nassim Road.
Mr Kwee sold the other part, a 23,922 sq ft plot, to former Sincere Watch chairman Tay Liam Wee for $47.84 million in 2012.
Mr Tay is expected to build a bungalow on the site, according to reports.
Mr Goi continues to own 28G Nassim Road, a 45,754 sq ft site.
After the two plots are sold, the Eden Hall site will still be sized at about 63,893 sq ft.
CBRE noted that over the last eight years, Nassim Road has had just three GCB sales.
Most recently, in April 2013, a company controlled by Wing Tai chairman Cheng Wai Keung and his wife put up a GCB at 33 Nassim Road for sale.
The 84,839 sq ft site, which has a price tag of about $250 million to $300 million, is not yet sold.