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. This works out to a land rate of about $1,294 psf per plot ratio (psf ppr). The site has a high development baseline, meaning no land betterment charge (LBC) is 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 lowers to $1,251 psf ppr.

Kingsley Mansion, located in the Balestier area of Singapore, offers a unique investment opportunity for developers to add to their land banks. With a freehold residential site up for collective sale by public tender, the guide price for this development Tengah EC is set at $52 million, translating to a land rate of approximately $1,294 psf ppr. Factoring in the potential for a 7% bonus gross floor area for balconies and an estimated LBC of $1.786 million, the land rate decreases to $1,251 psf ppr.

The 18-unit, 10-storey development was completed in the late 1980s, with a land area of 14,350 sq ft zoned for residential use and a gross plot ratio of 2.8. It has a frontage of 30m along Boon Teck Road, with a depth of 45m.

Michael Tay, CBRE’s head of capital markets for Singapore, believes Kingsley Mansion will “garner strong interest from developers looking to replenish their land banks.” Adding to the appeal of this project is the fact that the supply of new homes in the area is limited, making this a sound investment choice.

The 162-unit Verticus launched in February 2020, and was immediately snapped up at an average price of $2,087 psf. This makes a redevelopment of the Kingsley Mansion, which could potentially create up to 37 units, a lucrative venture.

Kingsley Mansion offers a number of amenities in the vicinity. It is a five-minute walk to Zhongshan Mall and Shaw Plaza, and also close to various schools such as CHIJ Primary (Toa Payoh) and Hong Wen School.

Owners of Kingsley Mansion had previously attempted a collective sale in 2018, when it was put on the market for $45.5 million. This current tender exercise will close on April 12 at 3pm – offering an excellent opportunity for investors to consider.