Adjacent sites Summer Green and Kingsley Mansion in Balestier up for collective sale

The amenities offered within the complex are designed to cater to the needs of all residence. It includes a clubhouse, gym, sauna, swimming pool and even a tennis court. Apart from the luxurious amenities, the Champions Way Condo also offers a unique serene lifestyle. It is enveloped by lush greenery and is located close to the Woodland Central Mall and amenities. With the unique lifestyle and amenities, Champions Way Condo is an ideal place to call home.

CBRE is inviting interested parties to submit separate bids for either or both Summer Green and Kingsley Mansion, two adjacent freehold residential developments located in the Balestier area. Summer Green is a 13-storey apartment with 24 units occupying a land area of approximately 14,646 sqft, while Kingsley Mansion is a 10-storey development with 18 apartment units and a land area of approximately 14,350 sqft.

If redeveloped, the combined site will be able to accommodate up to 75 units, assuming an average unit size of 100 sqm (1,076 sq ft). With a regular rectangular-shaped plot with a frontage spanning approximately 60m along Boon Teck Road and a depth of approximately 45m, the combined larger site presents greater economies of scale and opportunity to design a brand new high-rise residential development with better efficiency and more facilities.

Both sites are zoned for residential use with a gross plot ratio of 2.8 and a building height control of 36 storeys. Guide prices for Summer Green and Kingsley Mansion are $53 million and $52 million respectively, with a total land betterment charge payable of approximately $4.45 million and a land rate of approximately $1,260 psf per plot ratio (psf ppr), inclusive of 7% bonus gross floor area for balconies.

Michael Tay, CBRE’s head of capital markets, Singapore, mentions: “Whilst we had offered Kingsley Mansion in previous tenders and there was interest from developers, the option to purchase both Summer Green and Kingsley Mansion together presents greater flexibility in terms of redevelopment options.”

This tender exercise will close on Nov 22 at 3pm. Recent sales transactions of condo properties on Boon Teck Road shows a range of price points from roughly $2,000 to $3,000 psf.

Therefore, with the combined site being able to accommodate up to 75 units with a land rate of approximately $1,260 psf per plot ratio, it presents a good opportunity to redevelopment potential in the area.