The freehold, 24-unit Summer Green residential development has been put up for sale by tender on Jan 12 for $48.5 million. This translates into a land rate of about $1,188 psf ppr, inclusive of a development charge of about $253,000, according to sole marketing agent Knight Frank.

The 13-storey development, located off Balestier Road, is situated on a 14,646 sq ft site. Under the 2014 Master Plan, it is zoned for Residential use with a plot ratio of 2.8. The site has a maximum permissible Gross Floor Area (GFA) of about 41,010 sq ft, and could be redeveloped into a residential project with 54 apartment units with an average size of 753 sq ft, subject to approval, says Knight Frank.

“We continue to see heightened interest for redevelopment sites, especially for boutique redevelopment sites with a Gross Development Value of below $100 million”, says Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.

The tender will close on Feb 12.