Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Michael Tay, CBRE’s head of financing markets, marks that the measurements of the site will certainly permit a large-scale expansion. “The site can possibly be redeveloped right into beyond 1,000 household units, subject to a pre-application usefulness research on traffic effect to be carried out and also endorsement from the Land Transport Authority,” he points out.
For CBRE’s Tay, the site’s location, tenure and also distance to facilities make it an absolutely attractive proposition for future prospective buyers, and therefore developers. “Our company believe that builders will be captivated to the location as the end product within the brand-new development will be quite enticing both homeowners and also capitalists,” he says.
The builder of the area will certainly likewise profit from a natural purchaser pool amongst existing residents residing within the Serangoon Garden landed estate as they may would like to purchase a unit within the new project for their children to live nearby them, Tay adds.
Kensington Park is in just walking proximity to Tavistock and also Serangoon North MRT Terminals on the Cross Island Line, which are set up to be completed in 2030. Facilities in the location include the prominent Chomp Food Centre, Serangoon Garden Market as well as Food Centre, and also the Serangoon Garden Country Club, while Nex as well as Heartland Mall are within a short driving distance.
Kensington Park, a 999-year leasehold condominium in Serangoon Garden, has recently been offered by public tender at an overview rate of $1.28 billion. Situated at 2,4,6,8,10,12 Kensington Park Drive, the spot includes a land area of 491,000 sq ft, making it one of the leading 999-year leasehold household land spots available in the market in Singapore, according to CBRE, which has been chosen as the unique promotion agent for the spot.
Kensington Park condominium was built in 1990 and includes 316 units. The place is zoned for property use under the 2019 Master Plan, with a permitted gross plot ratio of 2.1 as well as a building height control of approximately 24 storeys. It has 2 entryways– one at Kensington Park Drive and another along Serangoon North Opportunity 1.
According to CBRE, the overview price of $1.28 billion works out to a land cost of $1,371 psf per plot ratio (ppr). The land price is inclusive of the 7% bonus gross flooring spot permitted terraces and also a growth charge payable of around $232.1 million.
Otherwise, developers can also consider to build wider units, accommodating the existing interest among home customers for better houses driven by prevalent remote and hybrid working setups.
The public tender for Kensington Park will close on July 7 at 3pm.
