The freehold Peak Court in Thomson Road has launched a tender for collective sale with an asking price of $106 million.
Marketing agent Edmund Tie & Company said in a statement that the District 11 condominium with 20 maisonette units can be redeveloped into "an upscale resort-like boutique condominium project with about 106 units." If the authorities approve, the site could also be developed into a five-storey serviced apartment project or a healthcare development.
The 57,350 sq ft site is located near Novena MRT station and schools like Anglo-Chinese School (Primary) and CHIJ Primary (Toa Payoh), as well as the Pan Island Expressway (PIE).
With a gross plot ratio of 1.4, the asking price translates to a land rate of $1,398 per square foot per plot ratio (psf ppr), or $1,342 per sq ft on the maximum potential gross floor area (GFA), including the 10 per cent bonus balcony area.
"The site offers flexibility for developers with the choice of serving young families who look to be close to schools, or expatriates and working adults who wish to be close to the future health hub and CBD," said Mr Tan Chun Ming, senior director for investment advisory at Edmund Tie & Co.
The fact that 100 per cent of the owners have consented to the sale also offers certainty in the completion of the deal, he added.
The tender exercise for the site closes on May 9.