A 55-unit freehold condominium along Guillemard Road, Versailles, was put up for collective sale on Wednesday.
The four-storey development was built in the early 1990s and has a land area of approximately 53,073 sq ft.
It could potentially be built up to 24 storeys subject to approval and yield up to 148 units.
This is the first time the owners have tried to sell the property en-bloc, said sole marketing agent Jones Lang LaSalle (JLL) Singapore in a statement on Wednesday.
JLL national director of investments Yong Choon Fah said that a new project on the site would likely be popular among owner-occupiers and investors due to the upcoming Paya Lebar Central commercial hub and a lack of supply of new residential projects in the vicinity.