Credo Real Estate, a property consultancy firm, has put Culford Garden at Siglap up for tender, with an asking price ranging between $37 million and $40 million.
At that price, each unit owner can expect to yield between $1.54 million to $1.66 million from the collective deal.
With a land area of 44,000 sq ft, the site comprises 24 units, mainly three-bedroom apartments.
The site is intended for residential development, with an allowable height of five storeys and up to a Gross Plot Ratio of 1.4.
The total permissible Gross Floor Area (GFA) is about 68,000 sq ft and it can be redeveloped into around 65 apartment units with the average size of 1,000 sq ft.
According to Karamjit Singh, managing director of Credo Real Estate, the asking price for the collective sale translates to around $545 psf to $589 psf on potential GFA, including balconies.
At this price range, a property developer may expect to break-even at around $950 psf to $1,000 psf, he added.
The tender for Culford Garden will close on 8 April 2010 at 2:30pm.