Kingsley Mansion for sale for $52m

The property is a ten-storey freehold residential redevelopment site.

The Kingsley Mansion at 27 Boon Teck Road is on sale, CBRE Singapore announced.

The ten-storey freehold residential redevelopment site is on a rectangular plot of 14,350 square feet has 18 apartment units and a road frontage spanning 30 metres along Boon Teck Road and has a depth of 45 metres.

The Kingsley Mansion will be sold for the guide price of $52m, which works out to a land rate of $1,294 per square foot per plot ratio (psf ppr).

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As the property has a high development baseline, no land betterment charge (LBC) is payable to redevelop the site for residential use. Its land rate lowers to $1,251 psf ppr if the buyer considers the 7% bonus gross floor area for balconies and the $1.79m estimated payable LBC.

According to CBRE Singapore Head of Capital Markets, Michael Tay, the Kingsley Mansion “offers potential developers an exceptional opportunity to curate a high-rise freehold residential development with up to 37 units and in a vibrant city fringe location well served by a myriad of amenities and comprehensive transport infrastructure.”

The sale will be conducted through a public tender exercise and will close on 12 April 2023 at 3pm.