A 55-unit residential development at Guillemard Road has been put up for collective sale by tender.
Versailles has an indicative price tag of between $105 million and $110 million, which translates to some $1,088psf to $1,133psf.
The site has a land area of around 53,073sqft.
Exclusive agent for the deal Jones Lang LaSalle said the development has a potential gross floor area (GFA) of about 122,598sqft and could yield some 148 units of varying sizes.
The building is located near the Paya Lebar MRT station and the Dakota MRT station.
The global property consultant said the new project will attract owner-occupiers and investors due to the upcoming Paya Lebar Central, and the lack of supply of new residential projects in the vicinity.
It added that the site is near popular schools like Tanjong Katong Primary School and Chung Cheng High School.
National Director of Investments at Jones Lang LaSalle, Yong Choon Fah, said: "This is a rare freehold condominium redevelopment site that is located within walking distance to the up-and-coming Paya Lebar Central.
"According to the Urban Redevelopment Authority, 12 hectares of land around Sims Avenue have been set aside for this commercial hub at the city fringe. It will comprise a mix of offices, hotels, retail and public spaces, some with riverfront."
The tender will close at 2.30pm on 30 May 2013.
Source: Channel News Asia