Redrow bosses hope to secure a sale within the next few months as potential buyers are sounded out.
The Scottish business currently turns over £31m and made a small loss last year.
The firm also reported positive trading figures for the start of the year, with both its private order book and average sales price up on the same period last year.
A Redrow spokesman said: “Our private order book at 17 April stood at £139m, 6% up on this time last year.
“As a consequence, despite a slow first half, we expect legal completions for the full year to be marginally ahead of last year.”
Redrow will issue an Information Memorandum to interested parties in its Scottish business shortly.