Freehold Kingsley Mansion in Balestier on sale for $52m

The sale via public tender will close on 2 August 2023, at 3 p.m.

A 14,350 square-feet freehold residential redevelopment site at 27 Boon Teck Road, is up for grabs, CBRE, its exclusive marketing agent, announced.

The ten-storey Kingsley Mansion has 18 apartment units and has a road frontage ofabout 30 metres along Boon Teck Road and 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.

As it has a high development baseline, no land betterment charge (LBC) is payable to redevelop the site for residential use at a plot ratio 2.8. Taking into consideration a 7% bonus gross floor area for balconies and an estimated LBC payable of $1.786m, the land rate will be dropped to approximately $1,251 psf ppr.

The mansion is within Balestier Road – a bustling thoroughfare lined with elegant heritage shophouses - known for its diverse commercial offerings including famous eateries, specialised retail trades, lifestyle amenities, and entertainment venues.

The Balestier area is home to several private residential apartments, retail malls, hotels, and industrial buildings. The mansion is also a three-minute walk away from Zhongshan Mall and the recently revamped Shaw Plaza.

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