The owners of Balestier Condo Kingsley Mansion, the 18-unit development have launched for en bloc sale on August 14 setting $45.5 million as the reserve price.
According to the asking price the land rate would translate to $1,132 psf ppr for the 14,350 sq ft freehold property.
There is no development charges payable on this site which has 2.8 plot ratio with maximum permissible GFA of nearly 40,180 sq ft.
Taking into consideration the 10% balcony area the land rate would falls to $1,086 psf ppr but in this case development charge of $2.5 million is payable for the site.
The site won’t require any pre-application feasibility study.
Upon redevelopment the site could be turned into a 36-storeys structure and yield 53 apartment units with 753 sq ft average side according to Century 21 who have been hired as the marketing agents for this sale.
The site is located in the close vicinity of Novena Precinct. It is located near Toa Payoh MRT Station and is short distance from educational institutions such as Curtin University of Technology and East Asia Institute of Management.
If the site finds a buyer, the owners would receive between $2.36 million between $2.57 million for their units.
The tender for Kingsley Mansion shall close on 13th of September at 3:00 PM