MAISON Royale condominium, a 20-unit freehold development in District 11 near Newton Circus, has been sold to developer Giant Land for $46 million.
The 14,107 sq ft development was sold last month, with the sale brokered by Urban Front Real Estate.
Up to 40 units averaging 988 sq ft can be built on the site.
Giant Land has agreed to buy the property pending the required approval of the Strata Titles Board.
The developer might also have to fork out an estimated $2.55 million development charge.
This is a charge imposed by the Government in cases of redevelopment.
The addition of the charge would bring the total per sq ft per plot ratio (psf ppr) to about $1,230, higher than the reserve price of $1,220 psf ppr.
The freehold site comes with a plot ratio of 2.8 and can be built to a height of up to 117m above mean sea level.
Owners of Maison Royale had pushed for a sale in 2008, with an asking price of $50 million.
That tender closed without attracting a bid above the reserve price.
The owners then cut the asking price when the development came up for offer again in September last year.