Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Kensington Park, a 999-year leasehold condominium in Serangoon Garden, has actually been put up for sale by public tender at an overview quote of $1.28 billion. Found at 2,4,6,8,10,12 Kensington Park Drive, the spot includes a land area of 491,000 sq ft, making it one of the most extensive 999-year leasehold household land sites available in the market in Singapore, according to CBRE, which has been chosen as the unique promotion agent for the place.
Kensington Park condominium was built in 1990 and also consists of 316 units. The place is zoned for personal usage under the 2019 Master Plan, with an allowed gross plot proportion of 2.1 and a property height control of approximately 24 floors. It has two entries– one at Kensington Park Drive and one more along Serangoon North Opportunity 1.
According to CBRE, the overview rate of $1.28 billion calculate to a land price of $1,371 psf per plot ratio (ppr). The land rate is inclusive of the 7% perk gross flooring place considered terraces as well as an advancement cost payable of around $232.1 million.
Michael Tay, CBRE’s head of resources markets, marks that the scale of the site will enable a large enhancement. “The spot can possibly be redeveloped into greater than 1,000 property units, subject to a pre-application expediency research study on traffic influence to be conducted and also consent from the Land Transport Authority,” he points out.
For CBRE’s Tay, the site’s venue, tenure and distance to features make it an absolutely enticing suggestion for future investors, as well as consequently developers. “Our team believe that builders will certainly be engaged to the area as the final product within the brand-new advancement will certainly be really enticing both property owners and financiers,” he states.
The developer of the place will certainly likewise benefit from an all-natural buyer pool amongst existing residents dwelling within the Serangoon Garden landed estate as they may prefer to buy a unit within the brand-new property for their kids to live around them, Tay includes.
Alternatively, builders might also opt for to develop wider units, satisfying the current requirement among residence buyers for bigger houses driven by prevalent remote and also hybrid working arrangements.
Kensington Park is within walking proximity to Tavistock and also Serangoon North MRT Stations on the Cross Island Line, which are scheduled to be finished in 2030. Facilities in the area feature the popular Chomp Food Centre, Serangoon Garden Market as well as Food Centre, and the Serangoon Garden Country Club, while Nex and Heartland Shopping Mall are within a quick driving distance.
The public tender for Kensington Park will close on July 7 at 3pm.