Private condo Vista Park on South Buona Vista Road, just off Pasir Panjang Road has been put up for collective sale by tender. The 209-unit project which includes 22 townhouses sits on a 319,250 sq ft site with a 99-year lease from 1979.

The property is expected to fetch $350 million or $932 psf per plot ratio (ppr), says Sieow Teak Hwa, managing director of Teakhwa Real Estate, the marketing agent for Vista Park. The $350 million includes the estimated lease top-up premium of about $66 million. If a 10% bonus gross floor area for balconies is included, the land rate will be reduced to $903 psf ppr.

The site is zoned for residential use under the 2014 Master Plan with a plot ratio of 1.4 and maximum height of five-storeys. With a potential gross floor area (GFA) is around 446,951 sq ft, the site can be redeveloped into a new project of about 530 units, assuming an average size of 800 sq ft per unit.

Based on the asking price, the owners could walk away with anywhere from $1.16 million to $3.5 million, which is 60% above the current resale value in the open market if they were to sell the units individually, says Seow.

The tender for the site will close on Dec 13.