The lot of Manhattan House can be rezoned for residential use, with the ground floor zoned for commercial use.

Manhattan House in Chun Shui Road, Chinatown, was put up for collective sale on Tuesday (10 January) at an indicative price of $280 million.

Jones Lang LaSalle (JLL), the exclusive marketing agent for the collective sale, said in a statement that the 16-storey project, which is adjacent to Pearl Hill City Park, was built in 1976 under a 99-year lease and has 269 units.

According to the Urban Redevelopment Authority's 2019 master blueprint, the lot is planned for commercial use and occupies 4,167.7 square metres of land, with a maximum gross floor area ratio of 4.7.

However, according to a recent notice from the Urban Redevelopment Authority, the lot can be rezoned for residential use, with the ground floor zoned for commercial use.

The residential building can be built up to 30 storeys with a maximum gross floor area of 21,000 square metres.

The indicative price of $280 million is equivalent to a plot ratio of approximately $1,715 per square foot. Taking into account the lease top-up premium and the land betterment charge, the base gross plot ratio is 5.03875.

Jones Lang LaSalle's Executive Director, Mr Tan Hong Boon, said, "Marriott House is close to the cultural heritage area around Ngurah Rai, the modern central business district of Raffles Place, the lifestyle district of Marina Bay, and the entertainment venues of Robartson Quay and Clarke Quay, not to mention the historic and fashionable Tiong Bahru."

In addition, the development is close to Singapore Central Hospital, as well as schools such as Likwha Primary School, Holy Child Girls' School (Hak Loh), St. Margaret's Primary School, Yard Primary School and Chang Tak Primary School. It is also close to two major MRT interchange stations, Niu Che Shui and Onan Park.

The tender exercise will close at 3pm on 8 March.