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(SINGAPORE) Gillman Heights Condo's collective sale is expected to be launched by tender later this month, BT understands.

Final OK: The National University of Singapore, which owns more than half the share values at Gillman Heights, has agreed to an en bloc sale

At 836,425 sq ft, it will the biggest residential site in terms of land area in Singapore to be put on the market.

The latest development follows the recent move by the National University of Singapore (NUS) - which owns slightly more than half of the share values at the privatised HUDC estate in the Depot Road/Alexandra Road area - to agree to an en bloc sale.

An NUS spokesman told BT last week the university recently signed the collective sale agreement for Gillman Heights.

'The university will, nearer the completion of the sale, assist staff and graduate students currently staying at Gillman Heights with alternative housing arrangements,' he added.

With NUS' approval, owners controlling more than 80 per cent of share values in the estate have consented to the en bloc sale.

Gillman Heights' land area tops the 809,037 sq ft for Waterfront View in Bedok, which was sold earlier this year to a joint venture between Far East Organization and Frasers Centrepoint.

BT reported previously that Gillman Heights' asking price is about $528 million, working out to a unit land price of $323 per square foot of potential gross floor area inclusive of an estimated $36 million payable to the state for upgrading the site's lease to 99 years from a remaining tenure of about 78 years and a further payment of $3.5 million for a slight enhancement in plot ratio.

The site is zoned for residential use with a 2.1 plot ratio (ratio of potential gross floor area to land area).

On average, owners stand to receive $870,000 per unit, which is about 50 to 60 per cent more than the average value of what their units would fetch if sold individually.

NUS owns 305 apartments in the condo, which comprises four high-rise blocks of 24-storeys each with a total of 455 units and six low-rise blocks with 152 maisonettes. There's also a shop unit, bringing the total number of units in the development to 608 units.

When contacted by BT, Gillman Heights' sales committee chairman Robert Wiener, said: 'We are delighted that NUS has been so magnanimous and saying, 'Carry on, sales committee, we leave it in your hands.' I think the approval was very fast.'

BT reported in April that NUS had been facing heat from some of its fellow owners to finalise the collective sale agreement. At the time, NUS told BT it had yet to make a decision and that it was evaluating the information first. Last month, NUS told The New Paper that it intends to sign the deal.

Gillman Heights is about 20 years old and was privatised 10 years ago.

Facilities for residents include a swimming pool, a tennis court, a squash court and a gymnasium.