The Riverside Piazza near Clarke Quay is up for sale at a reserve price of $198 million, it was announced yesterday.
The complex comprises 40 apartments and 24 shops, with sizes ranging from 58 sq m to 333 sq m.
Each owner could stand to receive between $2.23 million and $9.47 million from the collective sale of the development, depending on the size of their unit.
The reserve price for the 99-year leasehold property at 11 Keng Cheow Street works out to a land rate of $2,602 per sq ft per plot ratio, including the estimated differential premium to convert to hotel use, marketing agent Colliers International said.
The prime District 1 site spans 2,940 sq m and is zoned commercial and residential, with a plot ratio of 2.8 and a maximum gross floor area of 8,260 sq m.
Alternative development options, including a hotel, will be entertained by the Urban Redevelopment Authority.
Colliers said a hotel would be suitable, given that the site is on the fringe of the Central Business District and near the Clarke Quay entertainment hub and Chinatown.
It is also close to Fort Canning Country Club, Clarke Quay Central, Liang Court and Chinatown Point, and is served by three MRT stations: Clarke Quay on the North East Line, Fort Canning on the Downtown Line, and the Chinatown interchange.
The Riverside Piazza offers dual frontage in Merchant Road and Keng Cheow Street.
Colliers International managing director Tang Wei Leng said prime development land does not come up very often, especially near the Singapore River.
She added: "This site presents a unique opportunity to create a contemporary riverfront hotel in an area thriving with activity and a rich history."
Colliers said the areas surrounding the site are being revitalised, starting with the nearby State Court Towers, which is set to open in 2020.
It added: "(This) will be the tallest government building in Singapore and will reportedly provide spaces for law firms, tech companies, academics and students. This is expected to inject more buzz as businesses and the legal fraternity converge on the area."
Meanwhile, the Singapore River area has been earmarked for rejuvenation, with enhancements including better pedestrian links.
Ms Wendy Tan Siew Cheng, chairman of The Riverside Piazza collective sale committee, said: "This is our first attempt at a collective sale and we are hopeful of garnering a positive response for the tender owing to the site's attractive location."
Tenders close at 3pm on Dec 19.