Kingsley Mansion Boon Teck Road Collective Sale 2023 – Freehold D12
Kingsley Mansion, a freehold redevelopment site in District 12, has been launched for collective sale at a reserve price of $52 million.
Based on the reserve price, the land rate works out to $1,294 psf ppr, according to their marketing agent, CBRE.
Kingsley Mansion is a 10-storey residential development with 18 apartment apartments.
In 2018, the owners of the property started a collective sale with a $45.5 million reserve price. No buyer was found when the tender closed.
The 14,350 square feet (sq ft) rectangular land on which Kingsley Mansion is located has a road frontage that extends for roughly 30 meters along Boon Teck Road.
According to the 2019 Urban Redevelopment Authority Master Plan, the land is designated for residential use with a maximum gross plot ratio of 2.8. It has a restriction on the maximum construction height of 36 storeys.
Given the site’s high development baseline, exclusive marketing agency CBRE said that there is no land betterment charge due to the site’s redevelopment.
As a result, after taking into account the 7% bonus (GFA) gross floor area for balconies, the land price is reduced to around $1,251 psf.
Michael Tay, head of capital markets at CBRE in Singapore, predicted that developers wishing to restock their land banks would show substantial interest in this freehold site.
He described the Kingsley Mansion site as an “excellent opportunity” for prospective developers to create a high-rise, freehold residential development with up to 37 apartments.
He also forecasts high buyer interest in Balestier residential developments, citing the fact that Verticus, the latest new launch in the region, was entirely sold in 2022.
“With the restricted availability of freehold housing stock in the Balestier region, the introduction of Kingsley Mansion is incredibly timed for developers to capitalize on this tight supply scenario and provide to the market an intriguing product that will appeal to both homeowners and investors,” he said.
“With low-rise structures on both the front and back of the land, the new development’s apartments might possibly give reasonable city vistas and (a) fair feeling of spaciousness.”
The public tender for the Kingsley Mansion site will close at 3 p.m. on April 12, 2023.