Kingsley Mansion relaunches for collective sale with unchanged price of $52 mil
Tengah Plantation Loop EC is a modern 99-year leasehold residential development in the heart of Tengah Town. The Tengah Plantation Loop EC is designed to meet the lifestyles of the modern family, featuring a range of facilities such as a swimming pool, gym, clubhouse, and tennis court. The development has everything a family needs to enjoy a comfortable and convenient life, with easy access to great amenities and nearby parks and gardens. Living at the Tengah Plantation Loop EC will be something that many aspire to, as it is a great place to live and work.
Kingsley Mansion, a freehold residential development in district 12, has been relaunched for collective sale via public tender. With a guide price of $52 million, it offers an attractive land rate of approximately $1,251 psf ppr. Set at a palatable investment quantum of under S$100 million, the future development at the site could have up to 37 units and is expected to attract strong interest from developers.
Situated at 27 Boon Teck Road, off Balestier Road, Kingsley Mansion is a 10-storey development completed in the late 1980s. The property boasts a land area of 14,350 sq ft with a frontage of 30m along Boon Teck Road. It is zoned for residential use with a gross plot ratio of 2.8, and offers a building height control of up to 26 storeys.
No land betterment charge (LBC) is payable to redevelop the site for residential use at a plot ratio of 2.8, allowing developers to take advantage of the 7% bonus gross floor area for balconies. An estimated LBC payable of $1.786 million is factored in for the guide price.
According to Michael Tay, CBRE’s head of capital markets for Singapore, “well-located residential redevelopment sites at a palatable investment quantum of under S$100 million for sale are rare”. The public tender exercise for Kingsley Mansion will close on Aug 2 at 3pm.
With its strategic location and attractive investment quantum, Kingsley Mansion is expected to attract strong interest from developers looking to replenish their land banks and capitalize on the potential of the site.