Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Kensington Park, a 999-year leasehold apartment in Serangoon Garden, has been offered by public tender at a guide cost of $1.28 billion. Located at 2,4,6,8,10,12 Kensington Park Drive, the place includes a land area of 491,000 sq ft, making it one of the biggest 999-year leasehold residential land areas in the market in Singapore, according to CBRE, which has been selected as the special advertising agent for the location.
Conversely, builders could also decide on to construct wider units, addressing the existing requirement among residence investors for wider houses driven by prevalent isolated as well as a mix of both working arrangements.
Kensington Park condominium was built in 1990 and contains 316 units. The location is zoned for property use under the 2019 Master Plan, with an allowable gross plot proportion of 2.1 and a structure level control of around 24 floors. It has 2 access– one at Kensington Park Drive and also one more around Serangoon North Avenue 1.
For CBRE’s Tay, the site’s place, tenure and proximity to amenities make it a really pleasing proposal for future buyers, and consequently builders. “Our company believe that developers will certainly be drawn to the site as the final product within the new development will certainly be really appealing to each house owners and capitalists,” he announces.
According to CBRE, the guide fee of $1.28 billion works out to a land fee of $1,371 psf per plot ratio (ppr). The land fee is inclusive of the 7% incentive gross flooring place enabled balconies and an advancement cost payable of about $232.1 million.
Kensington Park is throughout roaming distance to Tavistock as well as Serangoon North MRT Terminals on the Cross Island Line, which are scheduled to be finished in 2030. Amenities in the local area consist of the well-known Chomp Food Centre, Serangoon Garden Market and Food Centre, as well as the Serangoon Garden Country Club, while Nex and also Heartland Shopping Center are within a short driving range.
The builder of the location will likewise profit from a natural buyer pool along with existing homeowners living within the Serangoon Garden landed estate as they might would like to invest in a unit within the brand-new structure for their children to live beside them, Tay adds.
Michael Tay, CBRE’s head of resources markets, keeps in mind that the size of the area will certainly enable a large-scale growth. “The location can potentially be redeveloped right into greater than 1,000 property units, based on a pre-application usefulness research study on traffic effect to be carried out and also approval from the Land Transportation Authority,” he says.
The public tender for Kensington Park will close on July 7 at 3pm.