Balestier Regency takes fourth stab at collective sale at $255 million guide price

SINGAPORE – Balestier Regency, a 72-unit condominium off Balestier Road, is gunning for its fourth collective sale attempt at a guide price of $255 million, The Straits Times understands.

This price reflects a land rate of about $1,473 per sq ft per plot ratio (psf ppr), including an estimated land betterment charge of $381,181.

Owners of the freehold 10-storey residential block at 4 Jalan Ampas raised their guide price in a public tender launched on May 4 due to higher land prices and higher costs of getting replacement homes, marketing agent SRI Capital Market told ST.

The previous collective sale attempt in 2022 at a guide price of $218 million failed because the 80 per cent mandate was not achieved.

Owners stand to get between $3.28 million and $3.5 million for their three-bedroom flats, which range between 1,270 sq ft and 1,496 sq ft. The public tender will close on July 9 at 3pm.

Spanning 61,931 sq ft, the site is zoned “residential” under the Urban Redevelopment Authority Master Plan 2025 with a gross plot ratio of 2.8. This translates to a maximum permissible gross floor area of 173,407 sq ft.

The site can be redeveloped into a project of up to 161 residential units, based on prevailing planning parameters and subject to approvals.

Mr Low Choon Sin, managing partner of SRI Capital Market, said: “The future redevelopment of Balestier Regency will... reinforce the ongoing transformation of the Balestier enclave into a more mixed-use, lifestyle-oriented precinct, balancing its historical character with emerging residential trends and a refreshed commercial scene.”

Located near Shaw Plaza, Zhongshan Mall and Whampoa Market and Food Centre, the condo development is also within minutes’ drive of the Novena precinct, HealthCity Novena and Velocity@Novena Square.

“Developer interest is expected to remain robust, supported by favourable market dynamics. Orie and The Arkady are two recent new launches in District 12, which covers the Balestier, Toa Payoh and Bendemeer area, but there aren’t many unsold units left,” Mr Low said.

A Government Land Sales (GLS) site in Kallang Close was recently awarded at $1,415 psf ppr, while GLS sites in the city fringe like Dover Drive have achieved benchmark prices of up to $1,556 psf ppr, underscoring market confidence, he added.

“These trends highlight the sustained attractiveness of well-located city-fringe sites,” Mr Low noted.

In recent weeks, more ageing residential projects have taken renewed stabs at collective sales after Changi condominium Loyang Valley was sold to a SingHaiyi Group-led consortium for $880 million on April 17 – the biggest residential collective sale since the $810 million Thomson View deal was completed in 2025.

The public tender for Loyang Valley, which has 55 years left on its 99-year lease, at $880 million was about $100 million lower than its previous one in 2022.

On April 22, High Point, a freehold condominium in the Mount Elizabeth area, launched its fifth collective sale attempt at a guide price of $580 million.

The tender comes five years after a deal to sell the site to Hong Kong businesswoman Pansy Ho’s Shun Tak Holdings for $556.7 million was nixed in December 2021, just days after property cooling measures were announced, including a higher additional buyer’s stamp duty rate.

The guide price reflects a rate of about $2,641 psf ppr, inclusive of the 7 per cent bonus floor area.