A row of apartments with commercial shops in Phoenix Road, Bukit Panjang will be put up for collective sale via public tender tomorrow for $42 million.
It marks the first time the owners are embarking on a collective sale.
The asking price translates to a land rate of $617 per square foot per plot ratio (psf ppr), or to $566 psf ppr after factoring in the 7 per cent bonus balcony gross floor area. No development charge is payable.
The property sits on a 5,853.1 sq m site and comprises a row of 36 units, with 24 apartments and 12 commercial shops spread over two three-storey blocks.
The 36 units range in size from 83 sq m to 91 sq m.
Each owner will stand to receive estimated gross sale proceeds of $1 million to $1.5 million on successful sale of the property.
The site has a 99-year leasehold tenure with effect from Jan 1, 1969.
Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned residential and has a gross plot ratio of 1.4.
Subject to relevant approvals, the site can be redeveloped to offer 84 residential units, with an average size of 950 sq ft (88 sq m) each.
The redevelopment site is near Phoenix LRT station, with the Bukit Panjang MRT station and bus interchange an eight-minute walk away.
It is located by the Kranji Expressway, the Bukit Timah Expressway, and the Pan-Island Expressway, with the Tuas Checkpoint a 20-minute drive away.
Mr Steven Tan, director of capital markets & investment services at Colliers International, which is handling the deal, said: "The future development should generate keen interest as there have not been many new launches in the area.
"It will likely appeal to diverse groups of buyers, including nature lovers, who value the site's proximity to key transport nodes, lifestyle amenities and numerous schools."
The collective sale tender will close on Jan 17 at 3pm.