The reserve price of S$79 million translates to S$1,234 per square foot per plot ratio (psf ppr) based on its gross floor area of 64,039 sq ft. If authorities approve the 10 per cent bonus balcony, that would bring the price to S$1,121 psf ppr and increase GFA to 70,443 sq ft.

There will be no development charge as the existing baseline of 74,744.52 sq ft or an effective plot ratio of 1.634, is above the current plot ratio of 1.4 including the additional 10 per cent balcony space, said marketing agent Huttons Asia in a statement.

Huttons’ Stephen Tan said that the buyer could keep the existing building, subject to approval, and the site can be developed into about 84 condominium units averaging at about 70 square metres each.

The tender will close on Thursday July 26, 2018 at 3 pm.

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