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

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CBRE has announced the collective sale of an adjacent pair of freehold residential developments in the Balestier area, Summer Green and Kingsley Mansion, located at 11 and 27 Boon Teck Road respectively. While Summer Green is a 13-storey building with 24 units occupying a land area of approximately 14,646 sq ft, Kingsley Mansion is a 10-storey development comprising 18 apartment units and a land area of approximately 14,350 sq ft.

Both sites together form a regular rectangular-shaped plot with a frontage of approximately 60m along Boon Teck Road and a depth of approximately 45m. It is zoned for residential use with a gross plot ratio of 2.8 and a building height control of 36 storeys.

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.

Assuming a combined redevelopment, this works out to 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.

According to CBRE’s head of capital markets, Singapore, Michael Tay, the option to purchase both Summer Green and Kingsley Mansion together presents greater flexibility in terms of redevelopment options. He added that 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 condo properties on Boon Teck Road (Source: EdgeProp Research)

The tender exercise for Summer Green and Kingsley Mansion will close on Nov 22 at 3pm.

Living at Tampines Avenue 11 Condo means having access to some of the best expressways in Singapore. Located close to both the Pan Island Expressway (PIE) and Tampines Expressway (TPE), as well as the Kallang Paya-Lebar Expressway (KPE), residents of the area enjoy excellent mobility and flexibility. The PIE and TPE provide quick access to nearby towns, while the KPE offers direct connectivity to the city centre. With such convenient expressways, residents can easily explore the city and even go to work smoothly.

Check out the latest listings for Summer Green, Kingsley Mansions properties to get an idea of the potential of the collective sale.

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