Owners of the freehold Gisborne Light, off Bukit Timah Road in prime District 10, have put up their property for sale at an asking price of $37 million ($1,671 psf ppr).

The 17-unit boutique development, along Ewe Boon Road, sits on 13,841 sq ft of land. Units range from 936 to 2,885 sq ft. If the sale goes through, each owner will stand to receive between $1.7 million and $4.3 million.

The Gisborne Light site is zoned “residential” with a gross plot ratio of 1.6. It can be redeveloped into a boutique residential project comprising 27 units, with an average unit size of 780 sq ft, says Colliers International, the marketing agent for the site.

Out of the owners of 17 units, only one did not sign the collective sale agreement, giving a consent level of about 95%.

Built in 2003, Gisborne Light is close to a range of amenities. The Orchard Road shopping belt is a nine-minute drive away, while Anglo-Chinese School and St Joseph’s Institution are within a 12-minute drive. Stevens MRT Station, along the Downtown Line, is two minutes away by car.

The tender for the site will close at 3pm on Oct 11.