Kingsley Mansion up for sale again with unchanged S$52 million guide price
KINGSLEY Mansion, a small freehold apartment development at 27 Boon Teck Road, is back on the market after an earlier collective sale attempt closed with no sale.
The Balestier area property was marketed for sale in March this year, about 5 years after owners first launched an en bloc sale in 2018 at a reserve price of S$45.5 million.
The current guide price of S$52 million for the 14,350 square feet plot works out to a land rate of S$1,294 per square foot per plot ratio (psf ppr). No land betterment charge (LBC) is payable if it is redeveloped for residential use at its current gross plot ratio of 2.8.
However, if the developer decides to take into consideration the 7 per cent bonus gross floor area for balconies, an estimated S$1.8 million in LBC is payable. This brings the land rate down to around S$1,251 psf ppr, marketing agent CBRE said.
CBRE’s head of capital markets, Michael Tay, said developers were “tentative” in the earlier phase of marketing due to the introduction of additional cooling measures in April this year.
“Since then, we have continued to witness strong take-up rates for new launches outside of the Core Central Region... demonstrating the strong fundamentals of the Singapore residential sector.”
Tay added that the recent increase in additional buyer’s stamp duty (ABSD) rates are targeted mainly at foreigners, who are less likely to be the target market for a project in the Balestier area, in his view.
The 10-storey property now houses 18 apartment units. The site can be redeveloped into a high-rise of up to 36 storeys with up to 37 units, said CBRE.
The latest public tender exercise is due to close on Aug 2.
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