Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Michael Tay, CBRE’s head of funding markets, notes that the measurements of the place will certainly permit a large-scale development. “The place can potentially be redeveloped right into greater than 1,000 household units, subject to a pre-application usefulness investigation on traffic influence to be performed as well as validation from the Land Transport Authority,” he mentions.
Kensington Park, a 999-year leasehold condo in Serangoon Garden, has been offered by public tender at a guide quote of $1.28 billion. Situated at 2,4,6,8,10,12 Kensington Park Drive, the location includes a land area of 491,000 sq ft, making it one of the most significant 999-year leasehold residential land areas available in the market in Singapore, according to CBRE, which has been selected as the premium advertising agent for the spot.
Kensington Park condo was integrated in 1990 and also comprises 316 units. The area is zoned for housing use under the 2019 Master Plan, with an allowable gross plot proportion of 2.1 and an establishment elevation control of as much as 24 floors. It has 2 doorways– one at Kensington Park Drive and also another along Serangoon North Method 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 cost is comprehensive of the 7% perk gross floor place considered verandas as well as a development cost payable of approximately $232.1 million.
Additionally, developers could even select to build wider units, catering to the current demand among house purchasers for much larger dwellings driven by prevalent remote as well as hybrid working arrangements.
For CBRE’s Tay, the site’s venue, period as well as proximity to amenities make it an absolutely enticing proposal for future prospective buyers, and as a result developers. “Our company believe that developers will be engaged to the location as the final product within the brand-new growth will certainly be quite appealing to both homeowners and also financiers,” he claims.
The builder of the spot will additionally take advantage of a natural buyer pool amongst existing residents occupying within the Serangoon Garden landed estate as they might wish to buy a unit within the brand-new project for their youngsters to live around them, Tay adds.
Kensington Park is through strolling proximity to Tavistock as well as Serangoon North MRT Stations on the Cross Island Line, which are set to be completed in 2030. Facilities in the location feature the prominent Chomp Food Centre, Serangoon Garden Market and also Food Centre, as well as the Serangoon Garden Country Club, while Nex and also Heartland Shopping Center are within a brief driving distance.
The public tender for Kensington Park will close on July 7 at 3pm.