Kingsley Mansion is an 18-unit, 10-storey freehold residential development off Balestier Road (Picture: CBRE)
SINGAPORE (EDGEPROP) - Kingsley Mansion, a freehold residential site at 27 Boon Teck Road, off Balestier Road in District 12, is up for collective sale by public tender with a guide price of $52 million.
According to marketing agent CBRE, this works out to a land rate of about $1,294 psf per plot ratio (psf ppr). As the site has a high development baseline, no land betterment charge (LBC) is payable to redevelop the site.
Factoring in the 7% bonus gross floor area for balconies and an estimated LBC payable of $1.786 million, the land rate lowers to $1,251 psf ppr.
Owners of Kingsley Mansion had previously made a collective sale attempt in 2018, when it was put on the market for $45.5 million.
Kingsley Mansion is an 18-unit, 10-storey development that was completed in the late 1980s. It has a land area of 14,350 sq ft zoned for residential use with a gross plot ratio of 2.8. The property has a frontage of about 30m along Boon Teck Road, with a depth of about 45m.
Michael Tay, CBRE’s head of capital markets, Singapore, says the launch of Kingsley Mansion is “extremely timely”, adding that well-located residential redevelopment sites at a palatable investment quantum of under $100 million for sale are rare to come by. “As such, we expect Kingsley Mansion to garner strong interest from developers who are looking to replenish their land banks,” he remarks. The Kingsley Mansion site can potentially be redeveloped into a high-rise residential block with up to 37 units.
Tay further points out that the tight supply of new homes in the area should support strong buyer interest. The last new launch in Balestier, the 162-unit Verticus which launched in February 2020, was fully sold last year at an average price of $2,087 psf.
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Kingsley Mansion is a five-minute walk to Zhongshan Mall and Shaw Plaza, with the latter expected to reopen in the near-term following its closure for refurbishment works in 2019. Meanwhile, the development is also close to a number of schools, with CHIJ Primary (Toa Payoh) and Hong Wen School located within 1km.
The tender exercise for Kingsley Mansion will close on April 12 at 3pm.
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