Balestier Regency Targets New En Bloc Sale at S$255M
The freehold condominium Balestier Regency is once again entering the market, this time with a guide price set at S$255 million. This new bid represents an increase of approximately 17% compared to its previous attempt in 2018 when it was listed for S$218 million.
Located in District 12, the property has a calculated rate of around S$1,473 per square foot per plot ratio (psf ppr), which includes a minor land betterment charge. Given Balestier Regency’s established development baseline of 2.793, the applicable LBC is minimal, making the effective land rate about S$1,437 psf ppr when accounting for additional gross floor area allowance tied to balconies.
Constructed in 1990, this condominium features a single ten-storey block comprising a total of 72 apartments. The unit sizes range from approximately 1,270 sq ft to 1,496 sq ft, situated on a site covering roughly 61,931 sq ft. The site’s gross plot ratio stands at 2.8, providing a maximum permissible gross floor area of around 173,407 sq ft.
Pending the necessary approvals and based on current planning guidelines, this site has the potential to be redeveloped into as many as 161 residential units. The marketing agent for the sale, SRI Capital Market, emphasizes that such redevelopment will help elevate the ongoing transformation within Balestier into a more dynamic lifestyle-oriented precinct.
The location boasts convenient access to various retail and dining venues, including Shaw Plaza and Whampoa Market & Food Centre. Additionally, it is situated near St Joseph’s Institution—a notable educational establishment.
This marks Balestier Regency’s fourth attempt at an en bloc sale. Their journey began back in 2013; however, they did not achieve the necessary consent from homeowners during that initial bid. A subsequent effort took place in 2018 when owners successfully reached the required threshold but failed to attract any buyers. A third attempt made in 2022 also fell short of securing enough support among owners.
Market sentiment remains optimistic regarding developer interest in properties like Balestier Regency due to favorable conditions prevailing within the real estate market. Presently in District 12, there are only two recent new launches available alongside dwindling unsold inventory.
For instance, The Orie—a leasehold condominium located nearby—recently experienced significant success during its launch weekend by selling around 86% of its total units at an average price of S$2,704 psf. As recorded up until Monday through caveats lodged with authorities, about 740 units have been sold at a median price of S$2,723 psf.
Additionally, another freehold development known as The Arcady located at Boon Keng launched recently and sold over one-quarter of its units during initial offerings at competitive pricing levels—a clear indication of sustained demand.
Moreover, there has been notable activity regarding government land sales across areas within the Rest of Central Region where sites have reached benchmark prices exceeding S$1,556 psf ppr—reflecting persistent confidence and attraction towards prime city-fringe locations.
The public tender for Balestier Regency is set to close on July 9th. Stakeholders are watching closely as outcomes may signal broader trends impacting similar properties across Singapore’s evolving housing landscape.
Source: Original Article