This works out to between S$1,708 psf ppr and S$1,782 psf ppr excluding balcony allowance, or around S$1,553 psf ppr to S$1,620 psf ppr including balcony allowance.
The PropNex Investment Sales Department, which is marketing the property, said each owner could earn between S$2.35 million and S$2.96 million if the collective sale is successful.
Situated along Cavenagh Road, the prime residential site comprises one five-storey block and two 13-storey towers. It can be redeveloped into 350 housing units of around 1,000 sq ft each. The site is adjacent to the Istana and connected to the Orchard Road stretch through a pedestrian overhead bridge to Cuppage Road.
â€śWith the influx of foreign investors and the interest of high-end home buyers, this land site has a plethora of opportunities to be developed into high-end residences, serviced-apartments or SOHO apartments,â€ť said Charles Chua, Head of PropNex Investment Sales Department.
The site has a total area of 128,256 sq ft, which could generate a potential gross floor area (GFA) of around 269,338 sq ft. However, the total plot could be expanded to around 150,000 sq ft if the adjoining site isolated.
If approved, it could yield a market price of between S$1,533 psf ppr and S$1,598 psf ppr (excluding balcony allowance) or around S$1,394 to S$1,453 psf ppr (including balcony allowance).
PropNex Investment said the tender for the site will close on 3 May 2012.