Nestled in the Balestier locale, the contiguous freehold residential sites, Summer Green and Kingsley Mansion, positioned at 11 and 27 Boon Teck Road, respectively, have been announced for collective sale via tender.
Spanning 13 levels, Summer Green boasts 24 apartments and occupies an approximate land area of 14,646 sq ft. Its counterpart, Kingsley Mansion, stands at 10 storeys, housing 18 apartment units on a plot of about 14,350 sq ft.
Both properties carry a residential zoning conforming to a 2.8 gross plot ratio and capped at a 36-storey height.
CBRE, their appointed marketing agent, stated that the two plots meld into a regularly contoured rectangle, flaunting around 60m of Boon Teck Road frontage and stretching approximately 45m in depth.
Potential redevelopment could usher in nearly 75 residences, considering a standard unit size of around 100 sq m (1,076 sq ft).
Potential bidders have the latitude to submit individual bids for each property or an aggregate offer for both properties.
The tentative price stands at $53 million for Summer Green and $52 million for Kingsley Mansion.
When taken as a single redevelopment project, the estimated land rate is around $1,260 psf ppr. This estimate factors in a 7% bonus area for balconies and an aggregate land betterment charge of close to $4.45 million.
A notable mention: Kingsley Mansion had previously been showcased for collective sale in March at an identical guide price of $52 million, with a subsequent relaunch in July.
CBRE’s head of capital markets in Singapore, Michael Tay, shed light on the matter, saying, “While Kingsley Mansion received prior developer interest, the collective acquisition of both properties offers a wider spectrum of redevelopment possibilities.”
Tay further elaborated, “A larger, unified site opens doors for more cost-effective planning and the opportunity to conceive a new-age residential tower optimized for efficiency and enriched with amenities.”
The collective sale’s curtain will fall on November 22, concluding at 3 p.m.