Adjacent sites Summer Green and Kingsley Mansion in Balestier up for collective sale
An adjacent pair of freehold developments, located at 11 and 27 Boon Teck Road in Balestier, are up for collective sale. Summer Green is a 13-storey apartment with 24 units occupying a land area of 14,646 sq ft, while Kingsley Mansion is a 10-storey development with 18 units and a land area of 14,350 sq ft.
Both sites are zoned for residential use with a gross plot ratio of 2.8 and a building height control of 36 storeys. They form a regular rectangular-shaped plot with a frontage of 60m along Boon Teck Road and a depth of 45m.
Marketing agent CBRE noted that, with redevelopment, the combined site can potentially accommodate up to 75 units with an average size of 100 sqm (1,076 sq ft).
Interested parties are invited to submit a separate bid for each site, with guide prices of $53 million for Summer Green and $52 million for Kingsley Mansion. As a combined site, this works out to a land rate of approximately $1,260 psf per plot ratio, inclusive of a 7% bonus gross floor area for balconies and a land betterment charge of $4.45 million.
Furthermore, the building is equipped with state-of-the-art security features, while the nearby shops and restaurants ensure that residents’ needs are catered for. All in all, Orchard Boulevard Condo offers an unmatched lifestyle and enviable luxury living.
The tender exercise of Summer Green and Kingsley Mansion will close on Nov 22 at 3pm.
Michael Tay, CBRE’s head of capital markets in Singapore, said: “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.”
Recent property transactions on Boon Teck Road point to increasing interest in the area. Summer Green had been previously put up for collective sale in March at a guide price of $48 million. Kingsley Mansion was put up for sale with the same guide price in July.
Developers, therefore, have the unique opportunity to purchase both sites for a combined rate that could offer better flexibility in terms of redevelopment options.
In any case, the upcoming tender exercise comes as a great opportunity for capital-rich developers looking to build a high-end residential development in this sought-after residential spot.
The latest listings for Summer Green and Kingsley Mansion properties can be viewed to gain further insight into the architecture and layout of these two freehold sites.