Summer Green En Bloc 2024 – Boon Teck Road Collective Sale
Freehold Property Aims for Sale Success with Adjusted $48.8 Million Price Tag
Summer Green, a freehold condominium located in the vibrant Balestier area, has been relaunched for collective sale, now sporting a reduced reserve price of $48.8 million.
This move, orchestrated by CBRE, the marketing agent, comes after more than 80% of the owners agreed to lower the asking price in an effort to attract buyers.
This latest pricing sets the land rate at approximately $1,178 per square foot per plot ratio (psf ppr), inclusive of an estimated land betterment charge of $2.9 million.
The adjustment follows previous unsuccessful attempts, making this the fourth effort to find a buyer for the 14,646 sq ft site.
Notably, last October’s tender, which also included the neighboring Kingsley Mansion, did not conclude with a sale, despite the combined properties being marketed at $53 million and $52 million respectively.
The 24-unit Summer Green, originally offered for sale in January 2018, features a 13-storey building with a notable 30m frontage along Boon Teck Road.
Redevelopment Potential in Balestier: Summer Green Eyes Developer Interest Amid a Dearth of New Projects
Positioned under the Master Plan, the en bloc site boasts a gross plot ratio of 2.8 and allows for a building height of up to 36 storeys, presenting a significant redevelopment opportunity in an area with no forthcoming residential projects.
Located conveniently near Shaw Plaza, Zhongshan Mall, and Balestier Market, and within a kilometer of CHIJ Primary (Toa Payoh), Summer Green is ideally positioned to draw interest from developers looking for a freehold site with promising potential.
“With no new residential projects in the pipeline within the Balestier area in the foreseeable future, we are positive that the reasonably-priced freehold site will appeal to developers,” stated Michael Tay, Head of Capital Markets for Singapore at CBRE.
The public tender for Summer Green’s collective sale is scheduled to close on May 21, offering a unique opportunity for redevelopment in one of Singapore’s key districts.
Most En Bloc Owners Would Like To Know:
What Happen If Developer Bid Below the Reserve Price (See En Bloc Sale Process)