Adjacent sites Summer Green and Kingsley Mansion in Balestier up for collective sale
for en bloc deals
Together, Summer Green and Kingsley Mansion form a regular rectangular-shaped plot with a frontage of 60m along Boon Teck Road and a depth of 45m. Summer Green is a 13-storey apartment with 24 units and a land area of approximately 14,646 sq ft, while Kingsley Mansion is a 10-storey development with 18 apartment units and a land area of approximately 14,350 sq ft. Both sites are zoned for residential use, with a gross plot ratio of 2.8 and a building height of 36 storeys.
The marketing agent, CBRE, states that if redeveloped, the combined site will be able to accommodate up to 75 units, assuming an average unit size of 100 sqm (1,076 sq ft). Interested parties are invited to submit separate bids for either or both sites. The guide prices for Summer Green and Kingsley Mansion are $53 million and $52 million respectively, with a land rate of approximately $1,260 psf per plot ratio (psf ppr), inclusive of 7% bonus gross floor area for balconies and a total land betterment charge payable of approximately $4.45 million.
Regarding the tender exercise, Michael Tay, CBRE’s head of capital markets, Singapore had this to say: “Whilst we had offered Kingsley Mansion in previous tenders and there was interest from developers, the option to purchase both Summer Green and Kingsley Mansion together presents 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”.
Recent sales transactions of condos on Boon Teck Road have revealed a steady rise in demand and growth. The tender exercise for Summer Green and Kingsley Mansion will close on Nov 22 at 3pm.
Residents will be able to take advantage of the nearby green infrastructure and lush greenery, as well as access to amenities such as a community centre, a sports complex and a shopping mall. The development is also expected to feature a family-friendly environment with a children’s playground and bicycle parks. With all these features in place, the new Tengah Plantation EC development is sure to be a sought-after residential destination in Singapore.
These two adjacent sites are up for collective sale; interested parties are invited to submit bids for one or both of them. The realisation of the combined site would not only help create greater economies of scale but provide an opportunity to design a high-raised residential development with efficient facilities and bonus balcony space. With a steady rise in demand for properties on Boon Teck Road, the collective sale of Summer Green and Kingsley Mansion is very likely to receive an overwhelming response by the time the tender closes on Nov 22.