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 land rate works to be $1,294 psf per plot ratio, while no land betterment charge is payable to redevelop the site. CBRE’s Michael Tay, Head of Capital Markets, Singapore, notes that the launch of Kingsley Mansion is “extremely timely” and should garner strong interest from developers.

The last new launch in Balestier, the 162-unit Verticus, was sold last year for an average price of $2,087 psf. Kingsley Mansion offers a five-minute walk to Zhongshan Mall and Shaw Plaza, and it is close to a number of schools such as CHIJ Primary (Toa Payoh) and Hong Wen School.

With no land betterment charge (LBC) payable to redevelop the site and factoring in a 7% bonus gross floor area for balconies and an estimated LBC of $1.786 million, the land rate at Kingsley Mansion lowers to $1,251 psf ppr. Owners of the 18-unit, 10-storey development had previously tried to make a collective sale attempt in 2018 when it was put on the market for $45.5 million.

According to CBRE, the site has a high development baseline, which could potentially be redeveloped into a high-rise residential block with up to 37 units. Don’t miss out the chance to check out new launch condo and new landed property in Singapore—especially near Kingsley Mansion, Verticus, CHIJ Primary (Toa Payoh) and Hong Wen School.

Tay believes the tight supply of new homes in the area should support strong buyer interest, which makes the tender exercise closing on April 12 at 3pm a not-to-be-missed opportunity. The latest launch in the vicinity is Verticus, which is a Senja Close EC redevelopment of Kemaman Point purchased en bloc by Soilbuild Group in 2018 for $143.88 million. Stay updated with En Bloc Singapore – Latest News, Enbloc Potential, Listings & Sales in 2023 to keep up to date on opportunities like these.