Property consulting firm DTZ Debenham Tie Leung (SEA) is conducting the tender exercise for the sale, which will close on May 15 at 3pm.
Green Lodge can be developed into a five-storey condominium development at a gross plot ratio of 1.4. It sits on a land area of about 14,035.3 sq m (151,075sqft).
Based on the indicative price, DTZ said the land price translates to $846psf ppr, inclusive of about 8.9% balcony space for which Development Charge is not payable.
"The property would draw keen interest from developers looking to build a condominium development with full communal facilities in an established residential enclave," said Shaun Poh, DTZ's senior director for Investment Advisory Services and Auction.
DTZ said the property is located near the upcoming Beauty World MRT Station on the Downtown Line which will be operational in 2015.
Source: Channel News Asia
This is at least the third time that Green Lodge has put itself in the market. The last asking price was also around $195 million.
Click on links below to read our previous posts about the Green Lodge en bloc: