The Makeway View estate in Newton has been launched for collective sale with an asking price of $168 million.
The 10-storey development was built in the late 1980s and comprises 28 apartments and four penthouses.
Its asking price plus about $17 million in development charges represent a land rate of $1,589 per sq ft per plot ratio (psf ppr), according to marketing agent Edmund Tie & Company.
The 3,863.1 sq m or 41,582 sq ft plot has a gross plot ratio of 2.8. The freehold site could be developed into a block of about 21 to 22 storeys with about 154 units, assuming an average apartment size of 70 sq m.
Makeway View is in District 9 and across the road from Newton Food Centre and within a kilometre of Anglo-Chinese School (Barker Road), Anglo-Chinese School (Junior) and St Joseph's Institution Junior.
The Newton MRT interchange serving the North-South and Downtown lines is about 400m from the site.
The tender exercise closes at 3pm on March 7. "The corner site will potentially allow the developer flexibility to design units with 180-degree unobstructed panoramic views of the city," said Ms Swee Shou Fern, senior director for investment advisory at Edmund Tie & Company.
Separately, Macly Capital exercised an option on Monday to acquire nine single-storey shophouses in Telok Kurau for a total of $35.5 million. This reflects a land rate of $733.8 psf ppr, including a development charge of about $5.9 million, said Teakhwa Real Estate.
An outline planning permission has been obtained for a proposed five-storey residential development (with attic) that will house 46 units, with seven shops on the first storey, a basement carpark and a rooftop pool.