Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Kensington Park, a 999-year leasehold condo in Serangoon Garden, has recently been offered by public tender at an overview cost of $1.28 billion. Located at 2,4,6,8,10,12 Kensington Park Drive, the site includes a land area of 491,000 sq ft, making it among the largest 999-year leasehold residential land places out there in Singapore, according to CBRE, which has been designated as the premium advertising agent for the place.
Furthermore, developers can even select to construct bigger units, satisfying the present demand among home purchasers for more prominent houses driven by prevalent remote as well as hybrid working setups.
Kensington Park condo was integrated in 1990 and also includes 316 units. The area is zoned for property use under the 2019 Master Plan, with an allowable gross plot ratio of 2.1 as well as a construction elevation control of as much as 24 floors. It has two passageways– one at Kensington Park Drive and one more along Serangoon North Method 1.
According to CBRE, the guide cost of $1.28 billion works out to a land price of $1,371 psf per plot ratio (ppr). The land price is comprehensive of the 7% reward gross floor spot enabled terraces as well as a development cost payable of roughly $232.1 million.
For CBRE’s Tay, the site’s area, period as well as proximity to facilities make it an incredibly enticing recommendation for future purchasers, as well as for that reason developers. “Our company believe that developers will certainly be captivated to the location as the end product within the new advancement will certainly be very attracting both home owners and also financiers,” he claims.
The developer of the location will also take advantage of an all-natural customer pool among existing tenants occupying within the Serangoon Garden landed estate as they may prefer to buy a unit within the brand-new project for their kids to live nearby them, Tay adds.
Kensington Park is through strolling distance to Tavistock as well as Serangoon North MRT Terminals on the Cross Island Line, which are scheduled to be completed in 2030. Facilities in the area provide the preferred Chomp Food Centre, Serangoon Garden Market as well as Food Centre, as well as the Serangoon Garden Country Club, while Nex and Heartland Mall are within a short driving proximity.
Michael Tay, CBRE’s head of funding markets, indicates that the dimension of the area will enable a large-scale advancement. “The location can potentially be redeveloped right into beyond 1,000 property units, subject to a pre-application expediency research study on traffic influence to be conducted and also approval from the Land Transport Authority,” he mentions.
The public tender for Kensington Park will close on July 7 at 3pm.