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UOL Group is close to hammering out a deal to buy the prime Nassim Park through a collective sale, sources say.

The price for the freehold site is understood to be around the $390 million mark, which reflects a unit land price of about $1,150 psf of potential gross floor area inclusive of an estimated $8 million development charge (DC).

If a deal is eventually inked at the $390 million level, it will set a new record for a collective sale. The current record of $385 million was set by Waterfront View in Bedok earlier this year.

Nassim Park was completed just 14 years ago, in 1992. The 245,135 sq ft site is zoned for residential use with a 1.4 plot ratio (ratio of potential maximum gross floor area to land area) and a maximum height of four storeys under Master Plan 2003.

The site can be redeveloped into a new project with about 160 apartments ranging in size from about 1,900 sq ft to 2,200 sq ft.

Market watchers reckon the breakeven cost for a new luxury condo could be anywhere from $1,550 to $1,800 psf - depending on the quality of the finishes and the design.

The property was marketed through an expression of interest exercise which closed on June 21.

The reserve price is understood to have been around the $1,100 psf per plot ratio (inclusive of DC) level although Savills Singapore, Nassim Park's marketing agent, had said in May when the site was launched that the asking price was $410 million or $1,218 psf ppr including DC.

Savills declined to comment when contacted.

The existing Nassim Park has 104 strata-titled apartments and townhouses. Market watchers estimate that based on the price expected to be transacted, Nassim Park's owners stand to pocket sums that could be 50-80 per cent more than what the units would have fetched had they been sold on an individual basis.

Market watchers note that Nassim Park will be the poshest site UOL has bought to date.

It remains to be seen if it ties up with some of its usual partners - like Kheng Leong, Low Keng Huat and United Industrial Corp/Singapore Land - for its latest acquisition.