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THE owners of Derbyshire Mansions in Thomson Road near United Square are teaming up for a collective sale for their 36,098 square foot freehold site.

Derbyshire Mansions: The 36,098 sq ft freehold site could yield up to 74 units averaging 1,300 sq ft

Market observers expect the site to fetch about $50 million or $496 per square foot of potential gross floor area including an estimated $160,000 development charge.

The site is zoned for residential use with 2.8 plot ratio - the ratio of potential gross floor area to land area - and a 36-storey height limit.

This could yield up to 74 units averaging 1,300 sq ft, says Jones Lang LaSalle, which is marketing the property through a tender that will close on Aug 24.

Based on the $50 million price expectation, the proceeds for owners of the existing 33 units housed in a 12-storey block reflect a collective sale premium of about 60 per cent.

Another property put on the market earlier this week is a Good Class Bungalow at Bin Tong Park being offered by its owner, The Asia Life Assurance Society.

The vendor is part of the Asia General Holdings group, which recently sold Asia Insurance Building at Finlayson Green and Hotel Asia in Scotts Road to The Ascott Group, and White House Park Apartments in Stevens Road to Novelty Group.

The asking price for the Bin Tong Park bungalow is said to be $11.8 million to $12.3 million.

This works out to around $450 to $470 per square foot of land area.

A single-storey detached house stands on the 26,254 sq ft freehold site.

The tender for the property, which closes on Aug 21, is being handled by Credo Real Estate.