The 20-year-old development in District 9 sits on a freehold site with a land area of approximately 17,545sqft.
The marketing agent of the property Credo Real Estate said the sellers are expecting offers in the region of $42.5 million to $45 million.
This works out to land rates of approximately $1,160 to $1,228psf ppr at a gross plot ratio of 2.1, inclusive of development charge.
Credo said the site which sits on a high ground can be redeveloped into a boutique development of up to six-storey high with the option of a basement car park.
The potential gross floor area of about 36,840sqft may accommodate some 35 apartments with an average size of 1,000sqft depending on layout and configuration.
Credo's executive director Ms Yong Choon Fah said: "New launches in this area generally see a strong take up rate due to its strategic locality and proximity to Orchard Road and the Central Business District area."
She added that new developments in the area such as "Parc Sophia is fully sold and Sophia Residence which is just down the road is 99% sold."
If successful, each owner of the two-bedroom apartment will fetch an average of $1.92 million to $2.03 million.
Meanwhile, owners of the three-bedroom apartments will get an average of $2.56 million to $2.71 million each.
The tender closes on June 27, 2012.
Source: Channel News Asia