Singapore
Freehold Kingsley Mansion in District 12 Up for Sale
March 7, 2023
Associated Contact
Melvin Lin
Head of Marketing & Communications, Singapore
Singapore, 7 March 2023 – CBRE, as the exclusive marketing agent, is pleased to present the excellent opportunity to acquire Kingsley Mansion, a freehold residential redevelopment site located at 27 Boon Teck Road.
Sitting on a regular-shaped rectangular plot of approximately 14,350 square feet, Kingsley Mansion is a ten-storey residential development with 18 apartment units. The subject property enjoys a road frontage spanning approximately 30 metres along Boon Teck Road and has a depth of approximately 45 metres.
Under the URA Master Plan 2019, the site is zoned for “Residential” use, with an allowable gross plot ratio of 2.8 and a building height control of up to 36 storeys.
The guide price for Kingsley Mansion is S$52 million, which works out to a land rate of approximately $1,294 per square foot per plot ratio (psf ppr). As it has a high development baseline, no land betterment charge (LBC) is payable to redevelop the site for residential use at plot ratio 2.8. Taking into consideration 7% bonus gross floor area for balconies and an estimated LBC payable of $1.786 million, the land rate will be lowered to approximately $1,251 psf ppr.
Mr Michael Tay (郑兆能), Head of Capital Markets, Singapore at CBRE says, “Well-located residential redevelopment sites at a palatable investment quantum of under S$100 million for sale are rare to come by. As such, we expect Kingsley Mansion to garner strong interest from developers who are looking to replenish their land banks. We also expect strong buyer interest for projects in this area, as seen at the 162-unit Verticus, which was the last new launch in Balestier and fully sold last year. Hence, given the limited supply of freehold housing stock in the Balestier area, the launch of Kingsley Mansion is extremely timely for developers to leverage on this tight supply situation and present to the market an enticing product that will appeal to both homeowners and investors.”
Kingsley Mansion is situated within District 12 off Balestier Road – a bustling thoroughfare predominantly characterised by elegant heritage shophouses that is known for its diverse commercial offerings including famous eateries, specialised retail trades, lifestyle amenities and entertainment venues. The Balestier area is known to be a very established and multifaceted neighbourhood, also home to several private residential apartments, retail malls, hotels and industrial buildings. Zhongshan Mall, the main shopping mall of the Balestier precinct, and the much-anticipated revamped Shaw Plaza expected to open soon, are both located just a 3-minute walk away from the site.
The value of the subject property is further enhanced by its proximity to Toa Payoh and Novena, two very established commercial nodes that offer a greater range of necessities and retail facilities. Another key attribute of this appealing location is its convenient accessibility to a host of public and private medical facilities. Health City Novena, located only a short drive away, is Singapore’s largest integrated healthcare complex that offers a full range of holistic care experiences. Slated to be fully completed in 2030, there will be 600,000 square metres of healthcare facilities and services in the area, on top of the existing Mount Elizabeth Novena Hospital, Tan Tock Seng Hospital and Lee Kong Chian School of Medicine. Also nearby is the established Thomson Medical Centre.
In addition, there are many reputable educational institutions nearby. Primary schools within one-kilometre include CHIJ Primary (Toa Payoh) and Hong Wen School. Other popular schools include Pei Chun Public School, St. Andrew’s Junior School, St. Joseph’s Institution Junior, Anglo-Chinese School (Primary) and Catholic Junior College, amongst others in the vicinity.
Being located in the city fringe, Kingsley Mansion is also seamlessly connected to the city centre and several other key areas in Singapore via private and public transportation. Its comprehensive transportation network includes major roads and expressways such as Thomson Road, Central Expressway (CTE) and Pan-Island Expressway (PIE). Orchard Road, Central Business District (CBD) and Paya Lebar are all within 10 minutes’ drive from the site. Several public bus services also ply along Balestier Road.
Mr Tay concludes, “The Kingsley Mansion site, offers potential developers an exceptional opportunity to curate a high-rise freehold residential development with up to 37 units and in a vibrant city fringe location well served by a myriad of amenities and comprehensive transport infrastructure. Tucked away from the main thoroughfare of Balestier Road, Kingsley Mansion offers serenity while benefitting from direct accessibility to a multitude of daily necessities too. With low-rise buildings on both the front and rear of the site, the units in the new development could potentially offer respectable city views and decent sense of spaciousness.”
The sale will be conducted through a public tender exercise, which closes on 12 April 2023, Wednesday at 3pm.
Sitting on a regular-shaped rectangular plot of approximately 14,350 square feet, Kingsley Mansion is a ten-storey residential development with 18 apartment units. The subject property enjoys a road frontage spanning approximately 30 metres along Boon Teck Road and has a depth of approximately 45 metres.
Under the URA Master Plan 2019, the site is zoned for “Residential” use, with an allowable gross plot ratio of 2.8 and a building height control of up to 36 storeys.
The guide price for Kingsley Mansion is S$52 million, which works out to a land rate of approximately $1,294 per square foot per plot ratio (psf ppr). As it has a high development baseline, no land betterment charge (LBC) is payable to redevelop the site for residential use at plot ratio 2.8. Taking into consideration 7% bonus gross floor area for balconies and an estimated LBC payable of $1.786 million, the land rate will be lowered to approximately $1,251 psf ppr.
Mr Michael Tay (郑兆能), Head of Capital Markets, Singapore at CBRE says, “Well-located residential redevelopment sites at a palatable investment quantum of under S$100 million for sale are rare to come by. As such, we expect Kingsley Mansion to garner strong interest from developers who are looking to replenish their land banks. We also expect strong buyer interest for projects in this area, as seen at the 162-unit Verticus, which was the last new launch in Balestier and fully sold last year. Hence, given the limited supply of freehold housing stock in the Balestier area, the launch of Kingsley Mansion is extremely timely for developers to leverage on this tight supply situation and present to the market an enticing product that will appeal to both homeowners and investors.”
Kingsley Mansion is situated within District 12 off Balestier Road – a bustling thoroughfare predominantly characterised by elegant heritage shophouses that is known for its diverse commercial offerings including famous eateries, specialised retail trades, lifestyle amenities and entertainment venues. The Balestier area is known to be a very established and multifaceted neighbourhood, also home to several private residential apartments, retail malls, hotels and industrial buildings. Zhongshan Mall, the main shopping mall of the Balestier precinct, and the much-anticipated revamped Shaw Plaza expected to open soon, are both located just a 3-minute walk away from the site.
The value of the subject property is further enhanced by its proximity to Toa Payoh and Novena, two very established commercial nodes that offer a greater range of necessities and retail facilities. Another key attribute of this appealing location is its convenient accessibility to a host of public and private medical facilities. Health City Novena, located only a short drive away, is Singapore’s largest integrated healthcare complex that offers a full range of holistic care experiences. Slated to be fully completed in 2030, there will be 600,000 square metres of healthcare facilities and services in the area, on top of the existing Mount Elizabeth Novena Hospital, Tan Tock Seng Hospital and Lee Kong Chian School of Medicine. Also nearby is the established Thomson Medical Centre.
In addition, there are many reputable educational institutions nearby. Primary schools within one-kilometre include CHIJ Primary (Toa Payoh) and Hong Wen School. Other popular schools include Pei Chun Public School, St. Andrew’s Junior School, St. Joseph’s Institution Junior, Anglo-Chinese School (Primary) and Catholic Junior College, amongst others in the vicinity.
Being located in the city fringe, Kingsley Mansion is also seamlessly connected to the city centre and several other key areas in Singapore via private and public transportation. Its comprehensive transportation network includes major roads and expressways such as Thomson Road, Central Expressway (CTE) and Pan-Island Expressway (PIE). Orchard Road, Central Business District (CBD) and Paya Lebar are all within 10 minutes’ drive from the site. Several public bus services also ply along Balestier Road.
Mr Tay concludes, “The Kingsley Mansion site, offers potential developers an exceptional opportunity to curate a high-rise freehold residential development with up to 37 units and in a vibrant city fringe location well served by a myriad of amenities and comprehensive transport infrastructure. Tucked away from the main thoroughfare of Balestier Road, Kingsley Mansion offers serenity while benefitting from direct accessibility to a multitude of daily necessities too. With low-rise buildings on both the front and rear of the site, the units in the new development could potentially offer respectable city views and decent sense of spaciousness.”
The sale will be conducted through a public tender exercise, which closes on 12 April 2023, Wednesday at 3pm.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.