Adjacent sites Summer Green and Kingsley Mansion in Balestier up for collective sale

CBRE has announced the collective sale of two adjacent residential developments – Summer Green and Kingsley Mansion, located at 11 and 27 Boon Teck Road in Balestier. Summer Green, a 13-storey building with 24 units, has a land area of 14,646 square feet, whereas Kingsley Mansion is a 10-storey development with 18 apartment units and 14,350 square feet of land.

If the two sites are combined, they form a plot with a total area of approximately 29,000sq ft. The Combined site has a frontage of 60m along Boon Teck Road and a depth of about 45m. Assuming an average unit size of 1,076sq ft, it can accommodate up to 75 units, according to CBRE.

The guide prices for Summer Green and Kingsley Mansion are $53 million and $52 million, respectively. This translates to a land rate of $1,260 psf per plot ratio (psf ppr), inclusive of 7% bonus gross floor area for balconies and a total land betterment charge of $4.45 million.

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Michael Tay, the Head of Capital Markets for Singapore at CBRE, said that although Kinglsey Mansion had been offered in previous tenders and received developer interest, the ability to purchase both buildings together could present greater flexibility in terms of redevelopment options.

“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,” he added.

The tender exercise for Summer Green and Kingsley Mansion will close on Nov 22 at 3pm. Interested parties can submit separate bids for either or both of the sites.

Recent sales transactions of condo properties on Boon Teck Road suggest strong demand for residential development in the area. With a total land betterment charge of $4.45 million and a land rate of $1,260 psf per plot ratio, the collective sale of Summer Green and Kingsley Mansion could be the perfect way for developers to capitalize on the opportunity.

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