Adjacent sites Summer Green and Kingsley Mansion in Balestier up for collective sale

Such experiences are further amplified with the launch of Holland Drive Condo, ushering in a new paradigm of vertical living in the area. This development promises to bring with it a host of contemporary facilities and amenities, as well as an international lifestyle. By residing at Holland Drive Condo, students will have easy access to the vibrant and boisterous Holland Village, allowing them to further broaden their horizons.

Summer Green and Kingsley Mansion, two freehold adjacent residential developments located at 11 and 27 Boon Teck Road in Balestier, have been put up for collective sale by tender.CBRE, the marketing agent for the collective sale, reveals thatSummer Green is a 13-storey apartment building with 24 units whileKingsley Mansion is a 10-storey development with 18 apartment units. Both properties have a land area of approximately 14,646 sq ft and 14,350 sq ft respectively and if redeveloped, can accommodate up to 75 units with an average unit size of 100 sqm (1,076 sq ft). The sites have a regular rectangular-shaped plot with a frontage along Boon Teck Road of approximately 60m and a depth of around 45m.

They are zoned for residential use with a gross plot ratio of 2.8 and a building height control of 36 storeys.The guide prices for Summer Green and Kingsley Mansion are $53 million and $52 million respectively, amounting to a land rate of approximately $1,260 psf per plot ratio (psf ppr). This includes a bonus gross floor area of 7% for balconies and a total land betterment charge payable of approximately $4.45 million.

Michael Tay, CBRE’s head of capital markets, Singapore, notes: “The combined larger site presents greater economies of scale and opportunity to design a brand new high-rise residential development with better efficiency and more facilities.” He adds that aside from offering Kingsley Mansion in previous tenders, he presented an option to purchase both Summer Green and Kingsley Mansion together for more redevelopment flexibility.

Apart from the two properties, other condo listings on Boon Teck Road have also seen successful sales transactions. The tender exercise for Summer Green and Kingsley Mansion will close on Nov 22, 3pm.

En bloc sales present a great opportunity for investors and developers, and in this case, Summer Green and Kingsley Mansion present favourable conditions for collective sale. With the larger site providing more redevelopment options and possible greater capital appreciation, interested parties are invited to submit separate bids for either or both sites.