Owners at the Shunfu Ville residential development near Bishan are having another go at a collective sale after failing to find a buyer in the first tender last year.
The 358-unit development in Shunfu Road was relaunched for tender yesterday with the same minimum asking price of $688 million.
Shunfu Ville went up for collective sale in September but the tender exercise closed with no formal bids lodged although two developers made expressions of interest.
Ms Yong Choon Fah, the national director of capital markets at JLL, the estate's sole marketing agent, told The Straits Times yesterday that the deal was relaunched as the price indicated by the two developers did not meet owners' expectation.
The minimum asking price of $688 million works out to $791 psf per plot ratio. JLL said each owner could pocket about $1.92 million if the deal goes through - about 50 per cent more than what they could get on the open market.
In a statement yesterday, Ms Yong said JLL believes "it would be better received this time round than the first tender", as the 408,927 sq ft site would attract developers keen to replenish their land banks.
"With the supply of sites via the government's confirmed list slowing down, we do not expect condominium land prices, especially those with unique attributes, to drop very much," noted Ms Yong.
She added that a recent government tender for a large site at Siglap, which attracted a top offer of $624.18 million, reflected a "strong underlying medium term confidence of market recovery".
In addition, there have not been any government sites in the Bishan/Thomson area up for sale since October 2014, JLL noted.
Shunfu Ville, which comprises three 16-storey towers and three low-rise blocks, is near Marymount MRT station and the Upper Thomson station on the Thomson-East Coast Line, due to be completed in 2020.
JLL said the site could yield about 1,100 units, with an average size of 1,000 sq ft.
The estimated break-even cost would be around $1,250 psf, with the new units expected to fetch between $1,400 and $1,450 psf.
The tender exercise closes at 2.30pm on March 10.