Melrose Court, a freehold site located at No.10, Lorong Limau has been launched for en bloc sale through a public tender.
The site currently houses a four-storey residential development comprising 32 units, and is zoned for residential use. It has a maximum land area of 23,789 sq ft and a plot ratio of 2.8 under the 2008 Master Plan.
According to property consultancy group Colliers International, the site can be redeveloped into a 22-storey residential development with a maximum gross floor area of about 73,271 sq ft. This includes an additional 10 percent allowed space for the balcony.
When completed, it can yield a total of 88 units with an average size of 830 sq ft each.
The property consultancy group said the indicative price is around S$48 million, which translates to around S$688 psf ppr, including a development charge of S$2.38 million.
It added that more than 80 percent of the owners have agreed to the collective sale. Based on the asking price, every owner could gain between S$1.23 million and S$2.46 million from the sale.
The tender for the site will end on August 12.