Kingsley Mansion relaunches for collective sale with unchanged price of $52 mil

Kingsley Mansion has been relaunched for a collective sale via public tender at a guide price of $52 million. CBRE, the marketing agent, believes there will be strong interest from developers in snapping up this well-located redevelopment site with a palatable investment quantum of under S$100 million. No land betterment charge (LBC) is payable to redevelop the site for residential use at a plot ratio of 2.8.

Residents of Zion Road Condo can enjoy a variety of recreational facilities, such as a well-equipped fitness centre, swimming pool, sauna, and spa. A sheltered rooftop vegetable garden encourages a healthier lifestyle, while a private viewing deck allows residents to take in the breathtaking views of the city. With a strategic location, fantastic design, and world-class amenities, there is no question that Zion Road Condo is the ideal choice for those looking for a luxurious place to call home.

At Kingsley Mansion, buyers can expect an 18-unit, 10-storey building with a land area of 14,350 sq ft. The property has a frontage of about 30m along Boon Teck Road, with a depth of about 45m. The site is zoned for residential use with a gross plot ratio of 2.8 and a building height control of up to 26 storeys.

The guide price works out to a land rate of approximately $1,294 psf per plot ratio (psf ppr). Factoring in the 7% bonus gross floor area for balconies and an estimated LBC payable of $1.786 million, the land rate reduces to approximately $1,251 psf ppr.

Michael Tay, CBRE’s head of capital markets for Singapore, noted that residential redevelopment sites this accessible are rare and expects to attract strong interest from developers as the future development could offer up to 37 units.

The public tender exercise for Kingsley Mansion will close on Aug 2 at 3pm, with the same guide price as the previous sale attempt which launched in March. With no LBC to worry about, this attractive site could prove to be an attractive investment prospect.