Kingsley Mansion, an exclusive residential site located at 27 Boon Teck Road, off Balestier Road in District 12 The property is for auction by tender to the public with a the price range in the range of $52 million.
The Myst by CDL has acquired S$126.3 million for the residential development is 16,630 sq ft and is in a prime location. It has a plot ratio of 2.1, is zoned residential, and is set to offer 1, 2, 3, and 4-bedroom units.
According to the marketing agency CBRE the figures work out to a land value of around $1,294 psf for each plot ratio (psf ppr). Because the site is located on a very large development base, there is no land betterment cost (LBC) is due for redevelopment of the site.
Incorporating the factoring in the% extra gross balcony floor space as well as an approximate LBC to be paid of $1.786 million The land rate decreases to $1,251 psf per ppr.
The owners of Kingsley Mansion had previously made an attempt to sell the property in the year 2018, when the property was offered for sale to sell for $45.5 million.
Kingsley Mansion is a 10-storey, 18-unit development that was completed in late 1980s. The property has a total area of 14,350 square feet that is zoned for residential use and has an average plot ratio of 2.8. The property is fronted by around 30m on Boon Teck Road, with an approximate 45m depth.
Michael Tay, CBRE’s head of capital markets Singapore Tay says that the announcement of Kingsley Mansion is “extremely timely” and adds that residential Redevelopment sites with a reasonable investment size of less than $100 million available for sale are hard to find. “As therefore, we expect Kingsley Mansion to draw a significant interest from developers who want to build up their land reserves,” he remarks. This Kingsley Mansion site could be developed into a tall-rise residential block, with up 37 units.
Tay also points out the limited supply of new houses in the area is likely to boost buyer interest. The most recent release in Balestier The Verticus, a 162-unit development Verticus which was unveiled in February of 2020, was completely sold in the last year for an average cost of $2,087 per square foot.
Kingsley Mansion The property is only a five-minute walk from Zhongshan Mall and Shaw Plaza and Shaw Plaza, the latter of which is expected to reopen soon following the closure of its refurbishment works scheduled for 2019. The development is also near several schools including CHIJ Primary (Toa Payoh) and Hong Wen School located within 1km.
The auction to bid on Kingsley Mansion will close on April 12 at 3pm.