Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Kensington Park, a 999-year leasehold condominium in Serangoon Yard, has been put up for sale by public tender at a guide cost of $1.28 billion. Situated at 2,4,6,8,10,12 Kensington Park Drive, the location includes an acreage of 491,000 sq ft, making it one of the largest 999-year leasehold domestic land locations in the market in Singapore, according to CBRE, which has been named as the distinctive advertising representative for the location.
Michael Tay, CBRE’s head of resources markets, sees that the size of the location will permit an immense innovation. “The spot can possibly be redeveloped into more than 1,000 household units, based on a pre-application expediency research study on traffic effect to be performed and also confirmation from the Land Transportation Authority,” he says.
For CBRE’s Tay, the site’s location, tenure and also closeness to features make things a rather appealing proposition for future purchasers, as well as consequently developers. “Our company believe that builders will certainly be enticed to the spot as the end product within the new property will certainly be extremely appealing to each homeowners and also clients,” he states.
Kensington Park condo was integrated in 1990 and contains 316 units. The site is zoned for property usage under the 2019 Master Plan, with an allowed gross plot ratio of 2.1 as well as a building height control of almost 24 storeys. It has two doorways– one at Kensington Park Drive and also one more near Serangoon North Avenue 1.
According to CBRE, the overview value of $1.28 billion works out to a land charge of $1,371 psf per plot ratio (ppr). The land premium is inclusive of the 7% incentive gross floor zone allowed for verandas as well as an advancement expense due of roughly $232.1 million.
The developer of the site will additionally take advantage of a natural purchaser pool amongst existing residents living within the Serangoon Yard landed estate as they could want to acquire a unit within the brand-new property for their youngsters to live around them, Tay adds.
Kensington Park is inside of roaming range to Tavistock and Serangoon North MRT Stations on the Cross Island Line, which are planned to be finished in 2030. Amenities in the location include the popular Chomp Food Centre, Serangoon Garden Market and Food Centre, as well as the Serangoon Garden Country Club, while Nex and also Heartland Shopping Mall are within a brief driving range.
Conversely, builders could additionally choose to build wider units, addressing the current demand amongst property buyers for more prominent homes driven by popular remote as well as combination working arrangements.
The public tender for Kensington Park is going to close on July 7 at 3pm.