A familiar Raffles Place landmark, The Arcade, is being put up for sale by tender.

The 20-storey commercial development at 11 Collyer Quay sits on a prime site of approximately 21,909 square feet and has a 999-year lease tenure.

Marketing agent Colliers International said the site has "huge re-development potential", as the existing plot ratio has not been fully maximised.

Ms Tang Wei Leng, the executive director of investment services at Colliers International, said strata-titled mixed developments like The Arcade are rarely made available for sale.

Under the 2008 Master Plan, the site is zoned for commercial use with a building height of up to 50 storeys.

Completed in 1981, The Arcade has three levels of retail, 16 floors of office space and a basement carpark.

The tender will close on March 19 at 3pm.