(Photo credit: Century21)
Homeowners at Kingsley Mansion has decided to put the 18-unit residential development off Balestier Road up for en bloc sale for $45.5 million.
The reserve price works out to a land rate of $1,132 per square feet per plot ratio (psf ppr) based on the site’s gross plot ratio of 2.8 or allowable gross floor area (GFA) of around 40,180 sq ft. Including the 10 percent bonus balcony space, the land rate would be further reduced to around $1,086 psf ppr inclusive of a $2.5 million development charge. Each homeowner could pocket between $2.36 million and $2.57 million in the event of a successful sale.
With a height limit of up to 36 storeys, the site could yield about 53 new apartment units averaging 753 sq ft each. No pre-application feasibility study is required for the site, revealed marketing agent C21. It also noted that compared to other areas, supply of new housing units in Balestier is low at about 274 units, despite the new property cooling measures.
The freehold condo is nestled on a 14,350 sq ft site within walking distance to the Toa Payoh MRT Station. It is also accessible via the Central Expressway, Pan Island Expressway, Thomson Road and Balestier Road. Nearby amenities include Zhongshan Mall, Shaw Plaza, Balestier Plaza, Novena Square, United Square, Thomson Medical Centre and Mt. Elizabeth Novena Hospital.
The tender for Kingsley Mansion will close on 13 September.
Eugenia Rosaline Shlaen edited this story. To contact her about this or other stories, email eugenia@propertyguru.com.sg
