Dalvey Court owners have put the condominium development near the Botanic Gardens up for collective sale, with a reserve price of $160 million.
The freehold, nine-storey building comprises 32 apartment units on 4,103.1 sq m – or 44,165 sq ft – of land off Bukit Timah Road.
The site is zoned “residential” under the Urban Redevelopment Authority’s Master Plan 2014, and it may be built up to 1.6 times the site area, also known as the plot ratio.
There is a 12-storey height control on the site.
The reserve price represents a land rate of about $2,009 per sq ft per plot ratio, based on a gross floor area of 79,660 sq ft.
Marketing agent Cushman & Wakefield estimated that a potential developer may build up to 93 apartments based on an average unit size of 70 sq m.
There is no development charge payable for the site, and no requirement for a traffic-impact study.
The site is located in the prestigious District 10 area.
It is also near the stretch of high-profile schools including St Joseph’s Institution, Singapore Chinese Girls’ School, Anglo-Chinese School (Barker Road) and Nanyang Primary School.
The tender closes on Aug 2.