Freehold Summer Green relaunched for collective sale at lower reserve price

Singapore, 17 April 2024 – CBRE, as the exclusive marketing agent, is relaunching Summer Green for sale by public tender. This time, the reserve price has been lowered to S$48.8 million, from S$53 million when it was previously put up for sale in October 2023.

Located at 11 Boon Teck Road, Summer Green is a 13-storey residential development with 24 apartment units and has a land area of approximately 14,646 square feet. Under the URA Master Plan 2019, the freehold 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 rectangular-shaped plot has a road frontage spanning approximately 30 metres and a depth of approximately 46 metres.

More than 80% of the owners have agreed to the lower reserve price. Including an estimated Land Betterment Charge of about $2.897 million, the land rate works out to approximately S$1,178 per square foot per plot ratio (psf ppr).



Mr Michael Tay (郑兆能), Head of Capital Markets, Singapore at CBRE says, “At the lowered reserve price, we believe Summer Green presents an attractive opportunity for developers to replenish their landbanks. The successful buyer is able to conceptualise a brand-new high-rise residential project in a vibrant city fringe location that is well-supported by a wide range of amenities and comprehensive transport infrastructure.”

A myriad of amenities can be found in the recently revamped Shaw Plaza, Zhongshan Mall, Balestier Market, as well as the heritage shophouses along Balestier Road, which house local cuisine eateries, chic cafes, and other lifestyle stores. All of them are located within 3-minute walks from Summer Green. Tucked away from the main thoroughfare along Boon Teck Road, the subject site offers serenity while benefitting from direct accessibility to a multitude of essential amenities.

Residents can easily access other parts of Singapore via the Central Expressway and Pan Island Expressway, which in turn connect to other expressways and major arterial roads. Its location is also recognised for its proximity to several key areas. Novena, which is only a few minutes’ drive away, offers an expansive range of retail and medical facilities. Orchard Road and the Central Business District (CBD) are both reachable by car in fewer than 15 minutes.
Nearby reputable educational institutions include CHIJ Primary (Toa Payoh), Anglo-Chinese School, St Andrew’s Junior School. St Joseph’s Institution Junior, and Marymount Convent School.

Based on data from Urban Redevelopment Authority (URA), the recently launched new condominium project nearby, The Arcady at Boon Keng, achieved an average price of around S$2,575 per square foot for the units sold so far. Also, in November 2023, a Government Land Sale (GLS) site at Lorong 1 Toa Payoh attracted a winning bid of S$968 million, which reflects a land rate of S$1,360 psf ppr.

Mr Tay adds, “With no new residential projects in the pipeline within the Balestier area in the foreseeable future, coupled with encouraging supporting transactions, we are positive that the reasonably-priced freehold site will appeal to developers.”

The public tender exercise for the sale of Summer Green will end on Tuesday, 21 May 2024, at 3pm.