The 72-unit freehold site could be redeveloped into up to 161 units, subject to approvals
[SINGAPORE] Balestier Regency is back on the collective sale market at S$255 million, marking the fifth attempt by owners to sell the freehold residential development in District 12.
The guide price translates to a land rate of about S$1,473 per square foot per plot ratio (psf ppr), including a land betterment charge (LBC) of S$381,181.
After factoring in the LBC and bonus gross floor area for balconies, the effective land rate is about S$1,437 psf ppr, according to exclusive marketing agent SRI Capital Market.
Completed in 1990, Balestier Regency comprises a 10-storey residential block with 72 apartments ranging from 1,270 to 1,496 square feet (sq ft).
The 61,931 sq ft site is zoned for residential use under the Urban Redevelopment Authority’s Master Plan 2025, with a gross plot ratio of 2.8. This allows for a maximum permissible gross floor area of about 173,407 sq ft.
Subject to prevailing planning parameters and regulatory approvals, the site could potentially be redeveloped into up to 161 residential units.
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The latest launch follows four unsuccessful collective sale attempts. Owners first sought a sale in 2013 but failed to secure the required 80 per cent consent. In 2018, the property was launched for sale at S$218 million, but no buyer was found. A third attempt in 2022 again fell short of the 80 per cent consent threshold. The property relaunched at the same S$255 million guide price in May.
SRI Capital Market managing partner Low Choon Sin said the site could appeal to developers looking to replenish their land banks.
“Given the limited availability of sizeable freehold redevelopment sites in the city-fringe market, we believe Balestier Regency remains a relevant acquisition opportunity for developers taking a medium to long-term view of the market,” he said.
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Balestier Regency is located off Balestier Road, near Shaw Plaza, Zhongshan Mall and Whampoa Market & Food Centre. It is also close to the Novena precinct, home to HealthCity Novena, Velocity@Novena Square and Square 2.
Lornie Road property up for sale
Over at Lornie Road, a 51,700 sq ft freehold residential estate has been launched for sale by public tender at a guide price of S$83 million.
Exclusive marketing agent Knight Frank Singapore said that the site at 8 Lornie Road, in District 11, could be redeveloped into detached or semi-detached houses, or cluster housing, subject to the relevant authorities’ approvals. It could also appeal to private buyers looking to retain the property as a family estate.
The guide price translates to about S$1,605 per sq ft based on land area.
The sellers are the family of the late Chng Gim Huat, founder of CGH Group, who also sold Orchid Hotel in Tanjong Pagar for S$273 million earlier this year, in a deal brokered by Knight Frank.
Melvin Chay, interim head of capital markets at the consultancy, said that while developers are focused on development feasibility and end-buyer demand, private buyers tend to place greater emphasis on location, privacy and long-term ownership.
The tenders for Balestier Regency and 8 Lornie Road will close on Nov 12.