Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Kensington Park, a 999-year leasehold apartment in Serangoon Garden, has already been put up for sale by public tender at an overview cost of $1.28 billion. Situated at 2,4,6,8,10,12 Kensington Park Drive, the location incorporates a land area of 491,000 sq ft, making it among the biggest 999-year leasehold housing land sites out there in Singapore, according to CBRE, which has actually been chosen as the special promotion representative for the site.
The builder of the spot will certainly also profit from a natural purchaser pool within existing residents living within the Serangoon Garden landed estate as they may wish to invest in a unit within the brand-new development for their youngsters to live around them, Tay includes.
Michael Tay, CBRE’s head of funding markets, sees that the measurements of the location will allow for a large progression. “The location can possibly be redeveloped right into greater than 1,000 home units, based on a pre-application usefulness investigation on traffic effect to be performed and also permission from the Land Transport Authority,” he says.
For CBRE’s Tay, the site’s venue, tenure and also nearness to services make things a rather desirable proposal for future customers, and also for that reason builders. “Our company believe that builders will certainly be drawn to the place as the final product within the brand-new project will certainly be extremely interesting both homeowners and capitalists,” he mentions.
Additionally, developers can additionally consider to build bigger units, accommodating the present demand amongst home customers for more substantial homes driven by prevalent isolated as well as combination working arrangements.
Kensington Park condominium was constructed in 1990 and also comprises 316 units. The site is zoned for domestic use under the 2019 Master Plan, with an allowed gross plot ratio of 2.1 as well as a structure height control of approximately 24 floors. It has two entries– one at Kensington Park Drive as well as an additional besides Serangoon North Avenue 1.
Kensington Park is throughout roaming range to Tavistock and also Serangoon North MRT Stations on the Cross Island Line, which are set up to be completed in 2030. Services in the local area include the famous Chomp Food Centre, Serangoon Garden Market and also Food Centre, as well as the Serangoon Garden Country Club, while Nex as well as Heartland Mall are within a quick driving range.
According to CBRE, the overview price of $1.28 billion works out to a land rate of $1,371 psf per plot ratio (ppr). The land fee is comprehensive of the 7% bonus offer gross floor spot enabled porches and an improvement price due of around $232.1 million.
The public tender for Kensington Park is going to close on July 7 at 3pm.