SINGAPORE (EDGEPROP) - A freehold site at 118 Killiney Road has been put up for sale by tender. The site has an asking price of $76 million, according to Edmund Tie, the sole marketing agent for the property.

See also: En bloc sale of Dublin Lodge for $67.55 mil

A six-storey building that was completed in 2013 occupies the site. The land is zoned “Residential with Commercial at 1st Storey” under the latest Master Plan. The current building accommodates a restaurant on the first floor and 30 apartment units across the rest of the floors, as well as a basement carpark. (Find Singapore commercial properties with our commercial directory)

According to the press release on the launch of the sales tender, the site at 118 Killiney Road is primed for redevelopment as a new hospitality investment opportunity. The new owner may consider redeveloping it into a hotel or retrofitting the existing development into serviced apartments.

There will be no development charge payable to convert the site to suit hotel or serviced apartment use, says Edmund Tie.

The site enjoys proximity to the Orchard Road shopping belt and major roads such as River Valley Road, Penang Road and the Central Expressway. Nearby MRT stations include Somerset, Orchard, Dhoby Ghaut and Fort Canning.

The tender for the sale of this site closes on June 1.

Check out the latest listings near Killiney Road, Somerset MRT station, Orchard MRT station, Dhoby Ghaut MRT station, Fort Canning MRT station