The freehold Ava Towers condominium is up for collective sale with a reserve price of $248 million.
The 124-unit condo in Ava Road, Balestier, sits on a sizeable land area of about 64,471 sq ft with a gross plot ratio of 2.8.
The site can be redeveloped up to a gross floor area of 180,519 sq ft, with a proposed plot ratio of 2.8.
It is near Thomson Medical Centre and Mount Elizabeth Novena Hospital, the Whampoa wet market and food centre, and a 24-hour FairPrice supermarket.
Curtin Singapore, the Global Indian International School and Lee Kong Chian School of Medicine are also nearby.
The reserve price translates to a land rate of about $1,374 per sq ft per plot ratio (psf ppr), said marketing agent ERA Realty Network.
Given the site’s high development baseline, there is no development charge payable for redevelopment up to a gross plot ratio of 2.8.
But if a 10 per cent bonus gross floor area for balconies is included, the land rate would be reduced to $1,274 psf ppr, after factoring in about $5.03 million in development charge.
ERA said the Land Transport Authority has stated that a pre-application feasibility study on traffic impact will not be required.
The winning developer can retain the structure of the development with additions and alterations, or rebuild it into a contemporary design with a minimum of 215 units that average 753 sq ft, said ERA.
The tender opens on May 16 and closes on July 2.