A development under construction at 21/23 Mohamed Sultan Road, consisting of an eight-storey residential block and adjoining commercial building, has been put up for sale by tender by its owner, a privately held investment holding company.

The indicative price for the property is about $30 million, said its sole marketing agent, Singapore Realtors Inc (SRI).

SRI managing director Tony Koe said seven of the eight storeys are up for the apartment block, which will house 11 units and two penthouses at the rear.

Work on the commercial block is up to the ground-floor construction, but has not begun on the planned basement level. Temporary planning permission has been granted for first-storey restaurant use.

Located in prime District 9, the site has a combined land area of 478.1 sq m (5,146 sq ft) and is zoned for residential with commercial at the first storey, and a gross plot ratio of 3.8 under the Urban Redevelopment Authority's Master Plan 2014.

The strata area for the commercial and residential components are about 4,600 sq ft and 8,700 sq ft, respectively.

Located within the River Valley conservation area, the 999-year site, whose lease began in July 1841, is near Robertson Walk with its eateries, UE Square shopping mall and Liang Court.

"Sites along Mohamed Sultan with approval for an eight-storey block are rarely available for sale and we expect this rare opportunity would be attractive to family offices, funds and astute high-net-worth individuals looking to diversify their portfolio into the residential/commercial segment," said Mr Koe.

The tender for the property closes on Aug 30.