Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Michael Tay, CBRE’s head of financing markets, marks that the size of the place will permit a massive growth. “The area can possibly be redeveloped into beyond 1,000 domestic units, subject to a pre-application usefulness research study on traffic effect to be done and permission from the Land Transport Authority,” he states.
Kensington Park, a 999-year leasehold condo in Serangoon Garden, has actually been put up for sale by public tender at an overview cost of $1.28 billion. Located at 2,4,6,8,10,12 Kensington Park Drive, the location includes a land area of 491,000 sq ft, making it among the largest 999-year leasehold domestic land spots accessible in Singapore, according to CBRE, which has been chosen as the premium promotion representative for the place.
Kensington Park condominium was constructed in 1990 and also comprises 316 units. The spot is zoned for housing usage under the 2019 Master Plan, with an allowed gross plot ratio of 2.1 and a building height control of up to 24 floors. It has 2 doorways– one at Kensington Park Drive and also another along Serangoon North Opportunity 1.
According to CBRE, the overview quote of $1.28 billion works out to a land cost of $1,371 psf per plot ratio (ppr). The land price is comprehensive of the 7% incentive gross flooring area allowed for verandas as well as a development charge payable of close to $232.1 million.
Kensington Park is through strolling distance to Tavistock and also Serangoon North MRT Stations on the Cross Island Line, which are arranged to be finished in 2030. Amenities in the area consist of the popular Chomp Food Centre, Serangoon Garden Market as well as Food Centre, as well as the Serangoon Garden Country Club, while Nex and Heartland Mall are within a quick driving range.
Alternatively, builders can also consider to build bigger units, accommodating the present interest amongst home customers for more prominent condos driven by common remote and hybrid working arrangements.
For CBRE’s Tay, the site’s venue, tenure and also closeness to features make it an incredibly appealing proposal for future clients, as well as consequently developers. “We believe that builders will certainly be enticed to the site as the final product within the brand-new development will be really appealing to both homeowners and financiers,” he claims.
The builder of the location will certainly additionally gain from an all-natural purchaser pool amongst existing homeowners living within the Serangoon Garden landed estate as they may prefer to purchase a unit within the new property for their children to live near them, Tay adds.
The public tender for Kensington Park will close on July 7 at 3pm.