Kingsley Mansion, a freehold residential site in District 12 located at 27 Boon Teck Road, off Balestier Road, is now up for collective sale by public tender with JCube Residence a guide price of $52 million. This works out to a land rate of about $1,294 psf per plot ratio (psf ppr). Given the high development baseline, no land betterment charge (LBC) is payable to redevelop the site, theoretically lowering the land rate to $1,251 psf ppr when factoring in the 7% bonus gross floor area for balconies and an estimated LBC payable of $1.786 million.

Michael Tay, CBRE’s head of capital markets, Singapore, expects the launch of Kingsley Mansion to garner strong interest from developers who are looking to replenish their land banks given the tight supply of new homes in the area.

The Kingsley Mansion site can potentially be redeveloped into a high-rise residential block with up to 37 units. Located just a five-minute walk to Zhongshan Mall and Shaw Plaza, the latter of which is expected to reopen soon following refurbishment works in 2019, the development is also close to a number of schools, with CHIJ Primary (Toa Payoh) and Hong Wen School located within 1km.

The most recent launch in the vicinity is Verticus, a redevelopment of Kemaman Point which was purchased en bloc by Soilbuild Group in 2018 for $143.88 million. The 162-unit Verticus was fully sold last year at an average price of $2,087 psf.

The tender exercise for Kingsley Mansion will close on April 12 at 3pm. With an already attractive price point, don’t miss out on your chance to check out Kingsley Mansions and its surrounding area to find the hottest new launch condo and new landed property in Singapore.