More than 80% of the owners of the 120-unit Lakeside Apartments residential development at Yuan Ching Road, Singapore, have agreed to collectively sell the property, The (Singapore) Business Times reported June 13.

Each owner could receive S$2 million upon completion of the property's en bloc sale. The 134,176-square-foot site is being offered with a S$240 million price tag under a recently launched tender that will run until July 24, the publication noted.

The winning buyer of the development will also have to pay nearly S$55.6 million to refresh the 99-year lease on the site and to intensify the land use from a 1.98 gross plot ratio or 24,721 square meters.

Lakeside Apartments includes two 15-story residential blocks. It has 58 years remaining on its lease and is zoned for residential development with a 2.1 plot ratio. It is being marketed with the help of SLP International, The Business Times said.

As of June 13, US$1 was equivalent to S$1.33.