Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Kensington Park, a 999-year leasehold condo in Serangoon Garden, has been offered by public tender at a guide quote of $1.28 billion. Located at 2,4,6,8,10,12 Kensington Park Drive, the area encompasses a land area of 491,000 sq ft, making it one of the greatest 999-year leasehold household land sites out there in Singapore, according to CBRE, which has been chosen as the exclusive marketing agent for the site.
Kensington Park condominium was integrated in 1990 as well as includes 316 units. The location is zoned for housing usage under the 2019 Master Plan, with an allowable gross plot proportion of 2.1 and also a building elevation control of up to 24 storeys. It has 2 lobbies– one at Kensington Park Drive and an additional along Serangoon North Opportunity 1.
Additionally, builders can also pick to develop bigger units, catering to the existing demand amongst residence buyers for more prominent homes driven by unrestricted remote and also hybrid working arrangements.
According to CBRE, the overview price of $1.28 billion calculate to a land rate of $1,371 psf per plot ratio (ppr). The land price is inclusive of the 7% benefit gross floor place allowed for porches and a development fee payable of approximately $232.1 million.
For CBRE’s Tay, the site’s area, tenure as well as closeness to services make it a really enticing proposition for future clients, and also consequently developers. “Our company believe that developers will certainly be enticed to the spot as the end product within the brand-new development will certainly be very interesting both house owners and investors,” he states.
The developer of the place will likewise benefit from a natural customer pool amongst existing locals occupying within the Serangoon Garden landed estate as they could wish to purchase a unit within the new property for their youngsters to live nearby them, Tay includes.
Kensington Park is through strolling distance to Tavistock as well as Serangoon North MRT Terminals on the Cross Island Line, which are set to be finished in 2030. Amenities in the area consist of the preferred Chomp Food Centre, Serangoon Garden Market and also Food Centre, as well as the Serangoon Garden Country Club, while Nex and also Heartland Mall are within a quick driving range.
Michael Tay, CBRE’s head of capital markets, marks that the dimension of the area will certainly enable a massive progress. “The spot can potentially be redeveloped right into greater than 1,000 household units, subject to a pre-application workability report on traffic effect to be done and authorization from the Land Transport Authority,” he says.
The public tender for Kensington Park will close on July 7 at 3pm.
