Summer Green in Balestier relaunched for collective sale at a lower price of $48.8 mil

April 21, 2024



Summer Green, a freehold condominium at 11 Boon Teck Road, off Balestier Road, has been relaunched for collective sale at a reserve price of $48.8 million with CBRE as the marketing agent.

According to CBRE, more than 80% of the owners at Summer Green have agreed to the lower reserve price. Based on the $48.8 million price tag, the land rate translates to $1,178 psf per plot ratio (psf ppr), including an estimated land betterment charge of $2.9 million.

This is the fourth attempt by the owners of the 24-unit development to find a buyer for the 14,646 sq ft site. Last October, Summer Green and the neighbouring Kingsley Mansion were put up for sale at $53 million and $52 million, respectively, with potential buyers given the option to purchase and amalgamate both sites. However, no buyers emerged at the close of the tender.

Summer Green’s first collective sale attempt was in January 2018 for $48.5 million ($1,188 psf ppr). It was relaunched in July of that same year for $48 million ($1,178 psf ppr).

The existing Summer Green is a 13-storey apartment block with a 30m frontage along Boon Teck Road. Under the Master Plan, the site has a gross plot ratio of 2.8 and a building height of up to 36 storeys.

The site is close to nearby amenities such as Shaw Plaza, Zhongshan Mall, and Balestier Market. It is also within 1km of CHIJ Primary (Toa Payoh).

“With no new residential projects in the pipeline within the Balestier area in the foreseeable future, we are positive that the reasonably-priced freehold site will appeal to developers,” says Michael Tay, head of capital markets for Singapore at CBRE.

The public tender for the collective sale of Summer Green closes on May 21.