SINGAPORE - Owners at Dunearn Court - a freehold condominium off Dunearn Road - are putting their property on the market for S$38.8 million.

The tender, to be launched on Thursday (July 27), comes hot on the heels of a slew of collective sale deals sealed in recent months amid rising optimism in the private residential market here.

The asking price works out to a land rate of about S$1,443 psf per plot ratio, said marketing agent Knight Frank on Wednesday (26 Jul).

There will be no development charges payable.

Dunearn Court, in prime District 11, has a site area of 1,784 square metres (19,203 square feet) and comprises 12 apartments.

Knight Frank told The Straits Times that each owner stands to receive "in excess of S$3 million" from the sale.

The plot is zoned for residential use under the URA Master Plan 2014. It has a gross plot ratio of 1.4.

Knight Frank noted that "boutique development sites" - given lower gross development value of below S$100 million - are highly sought after.

" The eventual purchaser could potentially configure the maximum permissible gross floor area of approximately 26,884 sq ft into 32 apartment units with an average size of 753 sq ft," said Mr Ian Loh, head of investment and capital markets at Knight Frank.

Five en bloc deals, with a combined value of S$1.58 billion, have been completed in recent months - surpassing the the three deals, worth S$1 billion in all, done all of last year.

The five deals this year were: One Tree Hill Gardens, mixed development Goh & Goh Building, the former HUDC estates Rio Casa and Eunosville, as well as The Albracca in Meyer Road.

The tender for Dunearn Court closes on Sept 6.