The indicative price for the site is in the range of S$25.75 million to S$27.39 million or about S$800 to S$850 per square foot per plot ratio.
Ceylon Flats is a freehold property located off East Coast Road, comprising a total of 21 apartment units.
The 23,168 sq ft site is marketed by property consultants Colliers International. It said the site can be redeveloped into a 5-storey residential development accommodating either 50 units of 650 sq ft each or 29 units of 1,100 sq ft each.
A development charge of approximately S$176,000 is payable to maximise the allowable gross plot ratio.
Each owner could receive between S$1.22 million to S$1.3 million from the sale.
The tender for Ceylon Flats will close on October 12.