Kingsley Mansion, a freehold condominium off Balestier Road, has launched a collective sale attempt. The 18-unit development has a reserve price of $45.5 million, says marketing agent Century 21. If the sale is successful at its reserve price, each of its owners could walk away with about $2.36 million to $2.57 million.

The condo is on a 14,350 sq ft site, which has a land rate of $1,132 psf per plot ratio (ppr). Including a 10% bonus balcony space, the land price would be reduced to about $1,086 psf ppr, including a $2.5 million development charge. The site will not require a traffic pre-application feasibility study.

The site has a gross plot ratio of 2.8, and a maximum permissible gross floor area of about 40,180 sq ft. It also has an allowable height of up to 36 storeys. The new development could house up to 53 apartments with an average size of 753 sq ft.

So far this year, at least seven residential developments in the Balestier Road area have attempted a collective sale. One of the earliest to launch this year was the 34-unit Minbu Villa for $145.8 million ($1,355 psf ppr) in March. The 124-unit Ava Towers was launched for sale for $248 million ($1,374 psf ppr) in May, and the 72-unit Balestier Regency was put up for sale for $218 million ($1,265 psf ppr) in the same month.

The 89-unit Kemaman Point is so far, the only en-bloc development in the Balestier Road area to be successfully sold this year. It was sold to Soilbuild Group for $143.9 million ($1,173 psf ppr) in June. Kingsley Mansion is also beside Summer Green, which launched a second collective sale attempt in July for $48 million ($1,178 psf). The 24-unit development had attempted a collective sale in Jan for $48.5 million ($1,188 psf ppr).

The tender for Kingsley Mansion will close on Sept 13.

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