Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Michael Tay, CBRE’s head of funding markets, indicates that the scale of the spot will allow for a massive enhancement. “The location can possibly be redeveloped into greater than 1,000 residential units, subject to a pre-application expediency investigation on traffic effect to be conducted as well as permission from the Land Transport Authority,” he explains.
Kensington Park, a 999-year leasehold condominium in Serangoon Garden, has been offered by public tender at a guide quote of $1.28 billion. Positioned at 2,4,6,8,10,12 Kensington Park Drive, the spot incorporates a land area of 491,000 sq ft, making it one of the best 999-year leasehold household land sites available in the market in Singapore, according to CBRE, which has been appointed as the exclusive marketing agent for the place.
Kensington Park condominium was built in 1990 as well as makes up 316 units. The area is zoned for residential usage under the 2019 Master Plan, with an allowable gross plot proportion of 2.1 as well as a building elevation control of approximately 24 floors. It has two passageways– one at Kensington Park Drive and another along Serangoon North Opportunity 1.
According to CBRE, the guide price of $1.28 billion works out to a land rate of $1,371 psf per plot ratio (ppr). The land rate is comprehensive of the 7% reward gross floor spot considered terraces and also a growth cost payable of an estimate of $232.1 million.
Additionally, builders can also decide on to construct more substantial units, satisfying the existing interest amongst house purchasers for much larger houses driven by unrestricted remote and also hybrid working arrangements.
Kensington Park is in just strolling proximity to Tavistock and also Serangoon North MRT Terminals on the Cross Island Line, which are set to be finished in 2030. Facilities in the area feature the popular Chomp Food Centre, Serangoon Garden Market and also Food Centre, as well as the Serangoon Garden Country Club, while Nex as well as Heartland Shopping Center are within a brief driving proximity.
For CBRE’s Tay, the site’s venue, tenure as well as closeness to facilities make it a really attractive suggestion for future clients, as well as for that reason developers. “Our company believe that developers will certainly be captivated to the area as the end product within the brand-new advancement will be really appealing to both house owners and also capitalists,” he states.
The developer of the place will additionally benefit from a natural buyer swimming pool amongst existing locals dwelling within the Serangoon Garden landed estate as they may want to buy a unit within the new development for their youngsters to live close to them, Tay adds.
The public tender for Kensington Park will close on July 7 at 3pm.