Balestier Regency up for fourth en bloc sale bid at S$255 million

[SINGAPORE] Owners of freehold condominium Balestier Regency are making another attempt at an en bloc sale, offering the District 12 site at a guide price of S$255 million.

The price tag reflects a rate of about S$1,473 per square foot per plot ratio (psf ppr), including a land betterment charge (LBC) of about S$381,181.

As the development has a high baseline of 2.793, only a nominal LBC is to be paid. If LBC and bonus gross floor area for balconies are factored in, the land rate translates to S$1,437 psf ppr, said exclusive marketing agent SRI Capital Market on Monday (May 4).

Completed in 1990, Balestier Regency comprises a single 10-storey residential block with 72 apartments.

Unit sizes range from about 1,270 square feet to 1,496 sq ft. The 61,931 sq ft residential site has a gross plot ratio of 2.8, translating to a maximum permissible GFA of about 173,407 sq ft.

Subject to approvals and based on prevailing planning parameters, the redeveloped site could potentially yield up to 161 residential units, said SRI.

Low Choon Sin, managing partner of SRI Capital Market, said that the redevelopment of Balestier Regency will reinforce the “ongoing transformation of Balestier enclave” into a more mixed-use lifestyle-oriented precinct.

The property is close to retail and dining options, including Shaw Plaza and Whampoa Market & Food Centre. It is also near St Joseph’s Institution.

Owners of Balestier Regency first tried for an en bloc sale in 2013 but did not secure the mandatory 80 per cent consent. Five years later, in 2018, they met the threshold and launched the development for sale at S$218 million, though no buyer was found. A third attempt in 2022 again fell short of the required 80 per cent threshold.

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“Developer interest is expected to remain robust, supported by favourable market dynamics. District 12 currently has only two recent new launches with a diminishing pipeline of unsold units,” said Low.

The Orie, a leasehold condo in Toa Payoh, sold 668 units – around 86 per cent of its 777 units – at average S$2,704 per square foot (psf) over its launch weekend in January 2025. According to caveats lodged as at Monday, 740 units have been sold at a median price of S$2,723 psf.

Freehold development The Arcady at Boon Keng sold 51 out of its 172 units at its launch in 2024. So far, 91 units have been sold at a median price of S$2,586 psf, according to caveats lodged.

Nearby, the state tender for a site at Kallang Close was recently awarded to a consortium comprising Frasers Property and Mitsubishi Estate for S$610.75 million, or about S$1,415 psf ppr.

Government Land Sales sites across the Rest of Central Region have achieved benchmark prices of up to S$1,556 psf ppr, underscoring continued market confidence and sustained attractiveness of well-located city-fringe sites, said Low.

The public tender for Balestier Regency closes on Jul 9.