Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – For CBRE’s Tay, the site’s area, period and closeness to features make it a highly enticing proposal for future investors, and also for that reason builders. “We believe that builders will be enticed to the area as the final product within the brand-new development will be quite appealing to both home owners and also capitalists,” he claims.
The builder of the area will likewise take advantage of an all-natural buyer swimming pool amongst existing occupants occupying within the Serangoon Garden landed estate as they might wish to purchase a unit within the new project for their youngsters to live nearby them, Tay adds.
Kensington Park, a 999-year leasehold condo in Serangoon Garden, has recently been offered by public tender at a guide rate of $1.28 billion. Located at 2,4,6,8,10,12 Kensington Park Drive, the place incorporates a land area of 491,000 sq ft, making it among the most significant 999-year leasehold property land areas out there in Singapore, according to CBRE, which has been designated as the special marketing representative for the area.
Kensington Park condo was constructed in 1990 as well as includes 316 units. The location is zoned for property usage under the 2019 Master Plan, with a permitted gross plot ratio of 2.1 as well as a structure elevation control of approximately 24 floors. It has two lobbies– one at Kensington Park Drive as well as an additional along Serangoon North Avenue 1.
According to CBRE, the overview price of $1.28 billion calculate to a land rate of $1,371 psf per plot ratio (ppr). The land price is inclusive of the 7% incentive gross flooring space enabled verandas and also a growth cost payable of almost $232.1 million.
Michael Tay, CBRE’s head of resources markets, mentions that the size of the place will permit a massive progress. “The location can potentially be redeveloped right into more than 1,000 domestic units, subject to a pre-application feasibility investigation on traffic effect to be done and also validation from the Land Transport Authority,” he explains.
Kensington Park is located in strolling distance to Tavistock as well as Serangoon North MRT Stations on the Cross Island Line, which are arranged to be finished in 2030. Features in the area feature the prominent Chomp Food Centre, Serangoon Garden Market and also Food Centre, and also the Serangoon Garden Country Club, while Nex and also Heartland Shopping Mall are within a quick driving proximity.
Otherwise, builders might even pick to develop larger units, accommodating the current demand amongst house purchasers for much larger homes driven by common remote as well as hybrid working arrangements.
The public tender for Kensington Park will close on July 7 at 3pm.