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JUST after news broke of City Developments emerging as the highest bidder for the 169,188 sq ft Lucky Tower in Grange Road, and with some market watchers wondering how many more substantial, prime collective sale sites would be rolled out, the owners of the freehold Nassim Park have offered their 245,135 sq ft freehold site through an expression-of-interest exercise.

Nassim Park: The 245,135 sq ft site, with a four-storey height restriction, can accommodate about 160 apartments

Marketing agent Savills Singapore says the $410 million asking price for Nassim Park, which was developed by City Developments and completed only 14 years ago, works out to $1,218 psf of potential gross floor area inclusive of an estimated $8 million development charge.

This matches the record unit land price earlier this year for Eng Lok Mansion next to Gleneagles Hospital.

While the Eng Lok site has a higher 10-storey redevelopment limit compared with just four storeys for Nassim Park, and while Eng Lok's buyers paid top dollar with a view of redeveloping the site into upmarket medical suites, Nassim Park's more exclusive location stands it in good stead to fetch the same price as Eng Lok, says Savills Singapore managing director Michael Ng.

In fact, he expects Nassim Park's price to surpass Eng Lok's. 'Freehold sites in prime districts are always in demand, but this particular site is the creme de la creme of all the sites currently available in the market. It is the only large condo site left in Nassim Road.'

Nassim Park is zoned for residential use with a 1.4 plot ratio and four-storey height restriction. It can be redeveloped into a project of about 160 apartments ranging in size from about 1,900 sq ft to 2,200 sq ft.

Nassim Park, built in 1992, has 104 strata-titled apartments and townhouses.

If the owners obtain their asking price, they will receive at least double what their units would fetch if sold on an individual basis. CityDev does not own any units in the development.

Expressions of interest for Nassim Park close on June 21.