Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Kensington Park condominium was constructed in 1990 as well as comprises 316 units. The place is zoned for domestic usage under the 2019 Master Plan, with a permitted gross plot proportion of 2.1 and also a building height control of around 24 storeys. It has two entrances– one at Kensington Park Drive and also another besides Serangoon North Avenue 1.
For CBRE’s Tay, the site’s location, tenure as well as proximity to features make things a truly appealing proposal for future customers, as well as a result builders. “Our company believe that builders will certainly be enticed to the place as the final product within the brand-new advancement will certainly be really attracting both home owners as well as capitalists,” he mentions.
The builder of the place will certainly likewise take advantage of an all-natural customer pool among existing locals living within the Serangoon Garden landed estate as they may would like to acquire a unit within the new project for their children to live around them, Tay includes.
According to CBRE, the overview price of $1.28 billion works out to a land price of $1,371 psf per plot ratio (ppr). The land cost is inclusive of the 7% reward gross floor spot allowed for balconies as well as a growth expense due of somewhere around $232.1 million.
Michael Tay, CBRE’s head of capital industry, sees that the scale of the spot will enable a massive advancement. “The place can possibly be redeveloped right into greater than 1,000 property units, subject to a pre-application feasibility report on traffic impact to be performed and also permission from the Land Transportation Authority,” he states.
Additionally, developers could additionally decide on to design wider units, accommodating the existing interest among home shoppers for more substantial homes driven by extensive remote and hybrid working plans.
Kensington Park, a 999-year leasehold residence in Serangoon Garden, has actually 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 site incorporates an acreage of 491,000 sq ft, making it among the largest 999-year leasehold residential land locations out there in Singapore, according to CBRE, which has been designated as the special promotion representative for the place.
Kensington Park is within strolling distance to Tavistock and Serangoon North MRT Stations on the Cross Island Line, which are scheduled to be completed in 2030. Amenities in the vicinity include the famous Chomp Food Centre, Serangoon Garden Market and also Food Centre, and the Serangoon Garden Country Club, while Nex and Heartland Mall are within a short driving range.
The public tender for Kensington Park will close on July 7 at 3pm.