Kingsley Mansion, a freehold residential site in Balestier, is up for collective sale by public tender with a guide price of $52 million. Situated at 27 Boon Teck Road, off Balestier Road, in District 12, the site has a high development baseline, with no land betterment charge (LBC) 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 works out to $1,251 psf per plot ratio (psf ppr).
Kingsley Mansion is an 18-unit, 10-storey development that was completed in the late 1980s. Located in a highly desirable area of District 12, the property has a land area of 14,350 sq ft zoned for residential use with a gross plot ratio of 2.8 and a land rate of $1,294 psf ppr. It 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, has remarked that the launch of Kingsley Mansion is “extremely timely” and that interest from developers to replenish their land banks is expected to be strong. Reborn as a high-rise residential block, the site can potentially yield up to 37 units.
The property is a five-minute walk to Zhongshan Mall and Shaw Plaza, with the latter expected to reopen soon, following its closure for refurbishment works in Champions Way Condo 2019. Numerous schools including CHIJ Primary (Toa Payoh) and Hong Wen School are also located within 1km of Kingsley Mansion.
Tay further noted 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.
With owners of Kingsley Mansion having previously attempted a collective sale at $45.5 million in 2018, the tender exercise for the site will close on April 12 at 3pm. Those interested can stay updated with En Bloc Singapore and check out the listings near Kingsley Mansion, Balestier, and Verticus.