Kingsley Mansion relaunches for collective sale with unchanged price of $52 mil
Raffles Education Square building on sale of $200 mil
Kingsley Mansion, a freehold residential development in District 12 has now been relaunched for collective sale by marketing agent CBRE. The guide price of the site remains unchanged: $52 million. The property has an area of 14,350 sq ft, and is zoned for residential use with a plot ratio of 2.8 and a building control height of up to 26 storeys.
The guide price works out to a land rate of about $1,294 psf ppr. CBRE noted that no land betterment charge (LBC) would be payable to redevelop the site, and the land rate can be lowered to approximately $1,251 psf ppr.
Michael Tay, CBRE’s head of capital markets for Singapore, said that there would be strong interest from developers given it offers a “palatable investment quantum of under S$100 million”. The future development at the site could have up to 37 units.
A public tender exercise for Kingsley Mansion will close on Aug 2 at 3pm.
Charming Garden launches third collective sale attempt, owners maintain $175 mil asking price
Charming Garden, a residential development located along Yang Poh Road, off Upper Aljunied Road in District 14, has launched its third collective sale attempt. The owners are maintaining their asking price of $175 million, indicated in previous two attempts.
Interested parties can submit their offers by the July 30 cut-off date. CBRE’s Head of Investment Properties, Wee Lian Heong, said that the marketing agent is “encouraged by the interest shown from the market”, and that they are expecting an increase in offers this time round.
The site has a land area of 18,636.2 sq m and a plot ratio of 2.8. The tender for Charming Garden closes on July 30, 2018 at 3pm.
Kingsford and MCC Land to develop ‘new-concept residential development’ as Chuan Park en bloc sale gets go-ahead
Once complete, Tampines Ave 11 Condo Capitaland will become Singapore’s largest mixed-use development. Strategic and well-connected, the development will offer a major shopping centre, world-class office towers with Grade-A facilities, a police centre, as well as a variety of dining and recreational offerings.
Kingsford and MCC Land have been awarded the tender to develop Chuan Park en bloc following the successful sale of the estate earlier this year. The successful team will develop a new-concept residential development at the 500,000 sq ft and the sale price of the estate was approximately $900 million.
The consortium plans to develop exclusive, boutique development in the form of a low-rise apartment complex. Kingsford and MCC Land was the highest bidder of Chuan Park and met the reserve price of $750 million.
The development should be ready to hold its opening ceremony by 2022 upon the completion of all the sites.