CBRE Group Inc. launched a public sale tender for the HighPoint prime freehold estate at 30 Mount Elizabeth Road in Singapore, with a guide price of S$550 million, after more than 80% of the asset's owners signed the collective sale agreement.

The price translates to a land rate of S$2,595 per square foot per plot ratio, or roughly S$2,509 per square foot per plot ratio when including 7% bonus gross floor area for balconies, CBRE said in a release.

HighPoint has a gross floor area of about 211,976 square feet and encompasses 57 apartments and two penthouses in the republic's Mount Elizabeth-Orchard district, with a freehold plot of approximately 47,606 square feet.

Singapore's Urban Redevelopment Authority has zoned the site for an up to 36-story residential development under its 2014 master plan, with up to 213,383 square feet of gross floor area without development charge. The site can allow up to 196 new units of an average 100-square-meter each.

The tender is expected to close Feb. 26 at 3 p.m. local time, CBRE added.

As of Jan. 4, US$1 was equivalent to S$1.36.