Owners of the 48-unit Gilstead Court have launched the freehold development for collective sale at the reserve price of $168 million.

The asking price reflects a land rate estimate of $1,590 psf per plot ratio (ppr). However, if the 10% additional gross floor area (GFA) for the balcony area is included, the land rate will be reduced to $1,445 psf ppr, says Tan Hong Boon, regional director at JLL, which is marketing the property. Further, there will be no development charge payable as the site has a high development baseline.

Under URA’s Master Plan 2014, the 75,479 sq ft site is zoned “residential” with a gross plot ratio of 1.4. With an allowable GFA of 116,237 sq ft, the site can be redeveloped into a five-storey boutique development featuring 140 apartments, subject to the authorities’ approval, says JLL.

Gilstead Court, completed in 1978, lies on Gilstead Road in District 10. It is a ten-minute walk from Novena MRT station.

Across the road, the 24-unit Gilstead Mansion was launched for collective sale on May 30 at the reserve price of $68 million. This translates into a land rate of $1,565 psf ppr.

The tender for Gilstead Court will close on July 10.