Sitting along Boon Teck Road and within the Balestier precinct, homeowners of Kingsley Mansion have launched the 18-unit freehold condominium for a collective sale, with a reserve price of $45.5 million – a land rate of $1,132 psf ppr.
Although the Kingsley Mansion en bloc site has a relatively small land area of 14,350 sq feet, the maximum permissible GFA is approximately 40,180 sq feet and it has a plot ratio of 2.8.
If a 10% bonus area for balconies is included in the GFA, the land rate will be further reduced to only $1,086 psf ppr, including a development charge of $2.5 million. For this site, there won’t be any requirement to conduct a pre-application feasibility study.
According to marketing agency Century 21, the Kingsley Mansion en bloc site can be easily redeveloped into a brand new apartment up to 36 storeys; housing a total of around 53 private home with an average size of 70 sq metres.
It was also reported that each owner at Kingsley Mansion stands to receive a gross sales proceed between the range of $2.36 million to $2.57 million.
The demand for new launch properties within the Balestier precinct has been relatively healthy in recent years as these properties are situated relatively close to Novena and the future Health City and yet at a much affordable price point when compared to those situated in Novena.
These newer completed projects in Balestier include the likes of VIIO at Balestier, Neem Tree and City Suites.
The tender for Kingsley Mansion will close on 13 September 2018, 3 pm.