Kingsley Mansion in Balestier up for sale at $52 mil

Kingsley Mansion, a freehold residential site in District 12, is up for collective sale by public tender with a guide price of $52 million. Factoring in the 7% bonus gross floor area for balconies and an estimated LBC payable of $1.786 million, the land rate lowers to $1,251 psf ppr. With a land area of 14,350 sq ft zoned for residential use with a gross plot ratio of 2.8, the property has a frontage of about 30m along Boon Teck Road, with a depth of about 45m.

The Tengah Plantation EC tender exercise for Kingsley Mansion will close on April 12 at 3pm, and CBRE’s head of capital markets, Michael Tay, believes it will attract strong buyer interest due to the tight supply of new homes in the area. Verticus, the most recent launch in the vicinity, was purchased en bloc by Soilbuild Group in 2018 for $143.88 million.

Zhongshan Mall and Shaw Plaza are a five-minute walk away from Kingsley Mansion, with the latter expected to reopen in the near-term following its closure for refurbishment works in 2019. Additionally, several educational institutions including CHIJ Primary (Toa Payoh) and Hong Wen School are located within 1km.

Kingsley Mansion had previously made a collective sale attempt in 2018, when it was put on the market for $45.5 million. This makes the current estimated land rate even more attractive, as it can potentially be redeveloped into a high-rise residential block with up to 37 units.

The launch is highly opportune as well-located residential redevelopment sites at an investment quantum of under $100 million are rarely available. Don’t miss out to check out the hottest new launch condo and new landed property in Singapore. Stay updated with En Bloc Singapore – Latest News, Enbloc Potential, Listings & Sales in 2023 and check out the latest listings near Kingsley Mansions, Balestier, Verticus, CHIJ Primary (Toa Payoh), Hong Wen School.