Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Kensington Park, a 999-year leasehold condo in Serangoon Yard, has already been put up for sale by public tender at a guide cost of $1.28 billion. Found at 2,4,6,8,10,12 Kensington Park Drive, the site encompasses an acreage of 491,000 sq ft, making it among the largest 999-year leasehold home land sites offered in Singapore, according to CBRE, which has been named as the distinctive marketing agent for the spot.
For CBRE’s Tay, the site’s venue, tenure as well as vicinity to facilities make things an absolutely pleasing suggestion for future purchasers, and also therefore developers. “Our company believe that developers will certainly be lured to the area as the final product within the new progression will certainly be really interesting both house owners and also capitalists,” he announces.
The developer of the spot will also take advantage of a natural customer pool amongst existing dwellers living within the Serangoon Garden landed estate as they may wish to obtain a unit within the brand-new development for their children to live around them, Tay includes.
Conversely, developers can also opt for to establish wider units, catering to the present demand amongst house buyers for wider homes driven by common isolated and a mix of both working setups.
Kensington Park is within walking distance to Tavistock and also Serangoon North MRT Stations on the Cross Island Line, which are set up to be completed in 2030. Amenities in the vicinity include the well-liked Chomp Food Centre, Serangoon Garden Market and Food Centre, as well as the Serangoon Garden Country Club, while Nex and also Heartland Mall are within a short driving range.
Michael Tay, CBRE’s head of capital markets, keeps in mind that the scale of the site will consider a large innovation. “The place can potentially be redeveloped right into more than 1,000 property units, based on a pre-application expediency research study on traffic influence to be carried out as well as authorization from the Land Transport Authority,” he states.
Kensington Park condominium was integrated in 1990 as well as contains 316 units. The spot is zoned for household usage under the 2019 Master Plan, with an allowed gross plot ratio of 2.1 and a structure peak control of almost 24 storeys. It has 2 entrances– one at Kensington Park Drive as well as an additional around Serangoon North Avenue 1.
According to CBRE, the overview figure of $1.28 billion works out to a land price of $1,371 psf per plot ratio (ppr). The land price is inclusive of the 7% perk gross level place enabled porches and an advancement cost payable of somewhere around $232.1 million.
The public tender for Kensington Park is going to close on July 7 at 3pm.