Grand Tower, a boutique freehold residential site located near Novena MRT station, has been launched for sale by tender.
The 33-year-old tower block, consisting of 28 apartments, occupies an area of almost 22,000sqft in total.
Its marketing agent Savills Singapore said that the site can potentially be redeveloped into a high-end lifestyle project with a permissible gross floor area of approximately 64,000sqft.
This exceeds the allowable plot ratio of 2.8 as indicated in the 2008 Master Plan.
The new development can accommodate 74 apartments averaging 800sqft each.
Grand Tower has an indicative price of $88.8 million or about $1,381psf ppr.
Savills said there is no development charge payable and the breakeven price for the new development is estimated to be between $1,900 and $2,000 psf.
The company added that the recent transactions at nearby Gilstead Two were priced between $2,181 and $2,217psf whilst units at the 99-year-old leasehold Soleil @ Sinaran were transacted at between $1,773 and $1,966psf.
The tender for Grand Tower will close at 3pm on July 28.
Source: Channel News Asia