St Thomas Ville in prime District 9 has been launched for collective sale by tender. The owners are expecting bids upwards of $58 million, which is a reasonable minimum price, according to marketing agent JLL.

This translates into a land rate of about $1,816 psf per plot ratio (ppr). Including a 10% bonus balcony area and an estimated development charge of about $3.6 million, the land rate will be $1,754 psf ppr, subject to the relevant authority’s confirmation of the development baseline.

The 12-storey freehold development at 38 St Thomas Walk comprises 23 apartments that are built on a regular-shaped plot. Under the 2014 Master Plan, the 11,407 sq ft site is zoned “residential” with a gross plot ratio of 2.8, and an allowable height of up to 36 storeys.

The site is not subject to pre-application feasibility study. As it is also located within the Central Area, the guidelines on a minimum average size of 70 sq m (753 sq ft) are not applicable.

St Thomas Ville is a 3-minute drive to the mixed-use development Great World City, and would also be a 600-metre walk away from the upcoming Great World MRT Station on the Thomson-East Coast line.

The site is close to schools such as River Valley Primary School and Chatsworth International School.

Over 80% of the owners have consented to the sale.

The tender for St Thomas Ville will close on September 10.