Kingsley Mansion is a freehold residential project located at 27 Boon Teck Road, off Balestier Road in District 12 It has been revived to be sold collectively through a public tender, as per the July 6 press release by the marketing agent CBRE. At $52 million the estimated value for the site remains the same as the previously announced collective sale tender that was launched for Kingsley Mansion which was opened the 7th of March and ended the 12th of April.
Kingsley Mansion It is a 10-storey, 18-unit development which was completed in the 1980s. The land size of 14,350 sq ft and is designated for residential use, with an average plot ratio of 2.8 and the building height limit that can go up to 26 stories. The property is fronted by around 30m on Boon Teck Road, with an approximate 45m depth.
The estimated price for Kingsley Mansion amounts to an estimated land value of $1,294 per plot ratio (psf ppr). CBRE states that no land improvement cost (LBC) is required to renovate the site to be used for residential purposes at an area ratio of 2.8. When you factor in seven% bonus floor area of balconies, as well as an approximate LBC due of $1.786 million and the land rate is reduced to $1,251 psf per per square foot.
“Well-located residential development sites with a reasonable investment of less than S$100 million available for sale are extremely rare. We expect Kingsley Mansion to attract strong interest from developers seeking to fill their land bank,” states Michael Tay, CBRE’s head of capital markets for Singapore. Tay says the development planned on the site could include as many as 37 apartments.
The public tender for Kingsley Mansion will end on August 2 at 3pm.