Owners of St Thomas Ville, off River Valley Road, are eyeing bids in excess of $58 million for their District 9 property in a collective sale.
More than 80 per cent of the owners have consented to the sale, sole marketing agent JLL said in a media statement yesterday.
The freehold 12-storey site in St Thomas Walk comprises 23 apartments built on a regular-shaped plot.
The 11,407 sq ft site is zoned "residential" under the Urban Redevelopment Authority's (URA) 2014 Master Plan, with a gross plot ratio of 2.8 and an allowable height of up to 36 storeys, JLL said.
The asking price works out to about $1,816 per sq ft per plot ratio (psf ppr), or $1,754 psf ppr after factoring in the 10 per cent bonus balcony and corresponding estimated development charge of around $3.6 million.
The site is within walking distance of Great World City and the Orchard Road shopping district, and is about 600m away from the upcoming Great World MRT station on the Thomson-East Coast Line.
Places like Robertson Quay, Boat Quay, Liang Court and Chinatown are a short drive away.
JLL said the site is not subject to a pre-application feasibility study. Such a study requires potential buyers to engage an experienced traffic consultant to assess the transport impact and recommend a development proposal that is car-lite in nature, according to the URA website.
The agent added that as the site is also located within the central area, the guidelines on minimum average size of 70 sq m are not applicable.
"The site's excellent locational attributes would appeal to small and mid-sized developers looking for smaller development plots in prime areas," said Mr Tan Hong Boon, regional director of capital markets at JLL.
The tender closes on Sept 10.