Two owners of adjacent bungalows in the Mountbatten area have jointly put their properties up for sale, hoping to fetch some $30 million.
According to Cushman & Wakefield, a property consultancy firm, the freehold units at 6 and 8 Margate Road have a combined land area of 24,000 sq ft.
The property is intended for a high rise residential development of up to 24 storeys. It has 2.1 plot ratio and 50,404 sq ft of maximum gross floor area.
The combined plot of land can allow the new developer to build around 55 to 60 units with average sizes of 850 sq ft, said Cushman & Wakefield.
The property consultant added that the small concept apartments had made headlines last year and sold very well due to its affordability.