Balestier Regency Makes Its Fifth En Bloc Attempt at S$255 Million, While an 8 Lornie Road Freehold Estate Is Offered at S$83 Million

The guide price of S$255 million translates to a land rate of about S$1,473 psf 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 is a 10-storey block with 72 apartments of 1,270 to 1,496 sq ft. The 61,931 sq ft site is zoned residential under URA’s Master Plan 2025 with a gross plot ratio of 2.8, allowing a maximum gross floor area of about 173,407 sq ft. Subject to planning parameters and regulatory approvals, it could be redeveloped into up to 161 residential units. The tender closes on 12 November.

Owners first sought a sale in 2013 but did not secure the required 80 per cent consent. In 2018 the property was launched at S$218 million and no buyer was found. A third attempt in 2022 again fell short of the 80 per cent threshold, and the property was relaunched in May at the same S$255 million guide price. The new launch is about 17 per cent above the 2018 guide price.

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. The development is off Balestier Road, near Shaw Plaza, Zhongshan Mall and Whampoa Market and Food Centre, and close to the Novena precinct, which includes HealthCity Novena, Velocity@Novena Square and Square 2.

At Lornie Road in District 11, a 51,700 sq ft freehold residential estate has been launched by public tender at a guide price of S$83 million, or about S$1,605 psf on land area. Exclusive marketing agent Knight Frank Singapore said the site could be redeveloped into detached or semi-detached houses or cluster housing, subject to approvals, and could also appeal to private buyers who want to keep it as a family estate. The tender closes on 12 November.

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 developers focus on development feasibility and end-buyer demand, while private buyers tend to place greater emphasis on location, privacy and long-term ownership.