Cavenagh Gardens is up for collective sale at a reserve price of $480 million. This marks its second try at a collective sale, following its attempt in May last year at the same price.

The reserve price translates to $1,695 psf ppr, inclusive of an estimated state land premium. After factoring in the 10% bonus gross floor area, this translates to $1,541 psf ppr. No development charge is payable.

Cavenagh Gardens, along Cavenagh Road, comprises three blocks of 172 apartment units. The site spans 128,255 sq ft of land, and is zoned for residential use with a gross plot ratio of 2.1, under URA’s 2014 Master Plan.

The site can be redeveloped into a 400 unit apartment with an average unit size of 740 sq ft, says JLL, marketing agent for the site. As it is in the Central Area, the development will be exempted from the revised guidelines by URA that restricts the maximum number of units that can be built within a development, which will come into effect January 17.

The development, in District 9, is a 13-minute walk to Somerset MRT Station.

The tender for the site will close on January 31 at 3pm.