Adjacent sites Summer Green and Kingsley Mansion in Balestier up for collective sale
CBRE is offering an adjacent pair of freehold residential developments for collective sale by tender located at 11 and 27 Boon Teck Road in the Balestier area. Summer Green is a 13-storey apartment with 24 units occupying a land area of approximately 14,646 sq ft, and Kingsley Mansion is a 10-storey development with 18 apartment units and a land area of approximately 14,350 sq ft.
These two sites form a regular rectangular-shaped plot with a frontage spanning approximately 60m along Boon Teck Road and a depth of approximately 45m. Both are zoned for residential use with a gross plot ratio of 2.8 and a building height control of 36 storeys. Together, their total land rate works out to $1,260 psf per plot ratio (psf ppr), inclusive of 7% bonus gross floor area for balconies and a total land betterment charge payable of approximately $4.45 million.
Michael Tay, CBRE’s head of capital markets, Singapore, mentions that there was interest from developers for Kingsley Mansion in the previous tenders. He adds that the combined larger site presents greater economies of scale and opportunity to design a brand new high-rise residential development with better efficiency and more facilities.
Interested parties are invited to submit separate bids for either or both sites, with the guide prices for Summer Green and Kingsley Mansion at $53 million and $52 million respectively.
Havelock MRT Condo offers a great living experience for those looking for luxuries, nature and connectivity. This development is set by the river, with breathtaking views and convenience to many of the city’s entertainment spots. Inside, the property has been fitted with top-notch interiors, giving occupants the utter most comfort. The condo complex also provides residents with a slower paced lifestyle, with much of the riverfront providing a tranquil atmosphere. It is certain that there’s no other lodging offers such a balance between urban life and peaceful moments. The luxuries, natural environment and great connectivity come together perfectly in Zion Road Condo, providing a unique experience for all those who choose to stay there.
The tender exercise for Summer Green and Kingsley Mansion will close on Nov 22 at 3pm. Recent sales transactions of condo properties on Boon Teck Road have been encouraging, and with the greater flexibility in terms of redevelopment options, this could be a golden opportunity for developers to get their hands on a premium collective sale.
CBRE is offering an adjacent pair of freehold residential developments, Summer Green and Kingsley Mansion, located at 11 and 27 Boon Teck Road in the Balestier area for collective sale by tender. The sites form a regular rectangular-shaped plot with a frontage spanning approximately 60m along Boon Teck Road and a depth of approximately 45m.
Summer Green is a 13-storey apartment with 24 units occupying a land area of approximately 14,646 sq ft, and Kingsley Mansion is a 10-storey development with 18 apartment units and a land area of approximately 14,350 sq ft. Both are zoned for residential use with a gross plot ratio of 2.8 and a building height control of 36 storeys.
The total land rate works out to $1,260 psf per plot ratio (psf ppr), with a guide price for Summer Green and Kingsley Mansion at $53 million and $52 million respectively. This is inclusive of 7% bonus gross floor area for balconies and a total land betterment charge payable of approximately $4.45 million.
Michael Tay, CBRE’s head of capital markets, Singapore, believes that this combined larger site presents the perfect opportunity for developers to design a brand new high-rise residential development with better efficiency and more facilities. Moreover, recent sales transactions of condo properties on Boon Teck Road have been encouraging.
The tender exercise for Summer Green and Kingsley Mansion will close on Nov 22 at 3pm. Interested parties are invited to submit separate bids for either or both sites, in what could be a golden opportunity for developers to get their hands on a premium collective sale.