Adjacent sites Summer Green and Kingsley Mansion in Balestier up for collective sale
/ EdgeProp Singapore |
Summer Green (second building from left) and Kingsley Mansion (third building from left) are priced at $53 million and $52 million respectively (Picture: CBRE)
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SINGAPORE (EDGEPROP) - Summer Green and Kingsley Mansion, an adjacent pair of freehold residential developments located at 11 and 27 Boon Teck Road in the Balestier area, are up for collective sale by tender.
Summer Green is a 13-storey apartment with 24 units occupying a land area of approximately 14,646 sq ft, while Kingsley Mansion is a 10-storey development with 18 apartment units and a land area of approximately 14,350 sq ft. Both sites are zoned for residential use with a gross plot ratio of 2.8 and a building height control of 36 storeys.
Together, they form a regular rectangular-shaped plot with a frontage spanning approximately 60m along Boon Teck Road and a depth of approximately 45m, says marketing agent CBRE. 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).
Map showing Summer Green (shaded in gray) and Kingsley Mansion (shaded in red) (Source: EdgeProp LandLens)
Interested parties are invited to submit separate bids for either or both sites, CBRE adds. The guide prices for Summer Green and Kingsley Mansion are $53 million and $52 million respectively. As a combined redevelopment site, this works out to a land rate of approximately $1,260 psf per plot ratio (psf ppr), inclusive of 7% bonus gross floor area for balconies and a total land betterment charge payable of approximately $4.45 million.
Kingsley Mansion had previously been put up for collective sale in March at a guide price of $52 million. It was later relaunched for collective sale in July with the same guide price. “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,” comments Michael Tay, CBRE’s head of capital markets, Singapore.
He continues: “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.”
Recent sales transactions of condo properties on Boon Teck Road (Source: EdgeProp Research)
The tender exercise for Summer Green and Kingsley Mansion will close on Nov 22 at 3pm.
Check out the latest listings for Summer Green, Kingsley Mansions properties
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