Kentish Green in Oxford Road has joined the bandwagon of developments here trying for a collective sale. The owners have set a reserve price of $230 million for the 59,143 sq ft site.
The 122-unit condominium is located near Farrer Park MRT station.
Based on the reserve price, each owner will net between $1.736 million and $2.086 million from a successful sale.
The site can be redeveloped to accommodate 219 to 259 apartments, as well as house a small commercial component.
Marketing agent ERA Realty said one draw could be an upcoming Russian Cultural Centre to be built in neighbouring Rangoon Road, which it believes will drive demand for accommodation and retail activity in the area.
Work on the cultural centre is expected to start some time later this year, a Russian Embassy representative said.
The buyer would have to pay a premium, estimated at $20 million, to top up the existing balance lease of 76 years to a fresh lease of 99 years. In addition, a differential premium to intensify the plot ratio may be applicable.
The owners had earlier submitted an outline application to the Urban Redevelopment Authority (URA), which said it is prepared to support an increase in the gross plot ratio of the site to 3 from its current 2.8.
The height control could also be raised from the current six storeys to 104m above mean sea level.
This means the new development can be built up to 28 storeys, subject to a formal development application.
The advice from URA has a validity of six months from May.
The tender for Kentish Green closes on Aug 21.