Riviera Point, a 33-unit residential development located at the junction of Kim Yam Road and River Valley Road, is being put up for sale by public tender at an asking price of more than $68 million.

This translates to about $1,379 per square foot per plot ratio (psf ppr) for the District 9 freehold site, which has a land area of some 14,580 sq ft.

The site is zoned "residential" with a gross plot ratio of 2.8 under the 2008 Master Plan.

It currently houses a 12-storey apartment built in the early 1990s, and has an as-built gross floor area (GFA) of 49,303 sq ft, or an equivalent plot ratio of 3.38.

Jones Lang LaSalle local director of investments Nicholas Ng estimated the site, if redeveloped, could potentially yield 100 units of one or two bedroom units.

Since Chateau Eliza at Mount Elizabeth was sold at $1,743 psf ppr in September 2012, there has not been a freehold collective sale site offered for sale in District 9.

"Other than redeveloping the site immediately, potential buyers may also choose to refurbish the existing development and apply for conversion to serviced apartments, subject to approval from the relevant authorities given that the building has been built to its maximum gross floor area potential" said Mr Ng.

More than 80 per cent of the owners have consented to the collective sale, with each owner standing to receive some $1.94 million to $2.14 million.

The tender for Riviera Point closes on Oct 31.