Westvale Condominium at Pasir Panjang Road has been put up for collective sale with an indicative price tag of $85.5 million.
The 62,710-square-foot freehold site has a potential gross floor area of 96,574sqft, inclusive of 10% balcony space, and an allowable building height of up to five storeys.
The indicative price works out to be about $892psf ppr. There is also a development charge on the property of $625,000.
Currently, the condo has a total of 32 strata walk-up apartments and over 80% of the owners have consented to the sale.
Westvale Condominum's marketing agent Jones Lang LaSalle said 115 residential units, with an average size of 800sqft each, could potentially be built on the site.
The site is adjacent to the National University of Singapore Campus, the National University Hospital and the Singapore Science Parks.
Mr Nicholas Ng, Associate Director of Investments at Jones Lang LaSalle said, "The site is strategically located along Singapore's 'Technology Corridor' and NUS. It is also a stone's throw away from the newly completed Haw Par Villa MRT Station.
"Given the limited freehold land supply in this mature residential estate, we are expecting a healthy response from developers."
The tender will close at 3pm on April 19.
Source: Channel News Asia