Kingsley Mansion relaunches for collective sale with unchanged price of $52 mil
/ EdgeProp Singapore |
Kingsley Mansion is an 18-unit, 10-storey freehold residential development off Balestier Road (Picture: CBRE)
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SINGAPORE (EDGEPROP) - Kingsley Mansion, a freehold residential development at 27 Boon Teck Road, off Balestier Road in District 12, has been relaunched for collective sale via public tender, according to a July 6 press release by marketing agent CBRE. At $52 million, the guide price for the site is unchanged from the previous collective sale tender for Kingsley Mansion that launched on March 7 and closed on April 12.
Kingsley Mansion is an 18-unit, 10-storey development completed in the late 1980s. It has a land area of 14,350 sq ft and is zoned for residential use with a gross plot ratio of 2.8 and a building height control of up to 26 storeys. The property has a frontage of about 30m along Boon Teck Road, with a depth of about 45m.
Map and overview of Kingsley Mansion (Source: EdgeProp LandLens)
The guide price for Kingsley Mansion works out to a land rate of about $1,294 psf per plot ratio (psf ppr). CBRE says no land betterment charge (LBC) is payable to redevelop the site for residential use at a plot ratio of 2.8. Factoring in the 7% bonus gross floor area for balconies and an estimated LBC payable of $1.786 million, the land rate lowers to approximately $1,251 psf ppr.
“Well-located residential redevelopment sites at a palatable investment quantum of under S$100 million for sale are rare. As such, we expect Kingsley Mansion to attract strong interest from developers looking to replenish their land banks,” says Michael Tay, CBRE’s head of capital markets for Singapore. He adds the future development at the site could have up to 37 units.
Resale transactions at Kingsley Mansion (Source: EdgeProp LandLens)
The public tender exercise for Kingsley Mansion will close on Aug 2 at 3pm.
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