Kingsley Mansion in Balestier up for sale at $52 mil

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.The property has a land area of 14,350 sq ft zoned for residential use with a gross plot ratio of 2.8, a frontage of about 30m along Boon Teck Road, with a depth of about 45m. The guide rate works out to a land rate of about $1,294 psf per plot ratio (psf ppr). 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.

Marketing agent CBRE suggests that well-located residential redevelopment sites at a palatable investment quantum of under $100 million for sale are rare to come by and that this launch of Kingsley Mansion is “extremely timely”. Michael Tay, CBRE’s head of capital markets, Singapore, adds that he expects strong interest from developers looking to replenish their land banks.

The Kingsley Mansion site can potentially be redeveloped into a high-rise residential block with up to 37 units, as the site has a high development baseline, no land betterment charge (LBC) is payable to redevelop the site. The property was completed in the late 1980s and is an 18-unit, 10-storey development.

The tender exercise for Kingsley Mansion will close on April 12 at 3pm and the owners had previously made a collective sale attempt in 2018, when it was put on the market for $45.5 million.

Don’t miss out on the opportunity to explore the hottest new launch condo and new landed property in Singapore located in the vicinity of Kingsley Mansion. The most recent launch is Verticus, a redevelopment of Kemaman Point which was purchased en bloc by Soilbuild Group in 2018 for $143.88 million.

Kingsley Mansion is a five-minute walk to Zhongshan Mall and Shaw Plaza, the latter expected to reopen in the near-term following its closure for refurbishment works in 2019. Additionally, the development is also close to a number of schools, with CHIJ Primary (Toa Payoh) and Hong Wen School located within 1km.

Stay updated with En Bloc The Myst Singapore – Latest News, Enbloc Potential, Listings & Sales in 2023 and check out the latest listings near Kingsley Mansions, Balestier, Verticus, CHIJ Primary (Toa Payoh), and Hong Wen School. 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.

The launch of Kingsley Mansion for collective sale is expected to garner strong interest from developers, given the tight supply of new homes in the area. Moreover, the property offers a palatable investment quantum for under $100 million and its location to shopping malls, schools, and other amenities is an additional advantage.