Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Kensington Park, a 999-year leasehold apartment in Serangoon Yard, has recently been offered for sale by public tender at an overview rate of $1.28 billion. Situated at 2,4,6,8,10,12 Kensington Park Drive, the site incorporates a land area of 491,000 sq ft, making it one of the largest 999-year leasehold house land places out there in Singapore, according to CBRE, which has actually been chosen as the special promotion representative for the site.
According to CBRE, the guide value 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% perk gross level zone enabled balconies as well as an improvement cost due of somewhere around $232.1 million.
Kensington Park is within strolling range to Tavistock and Serangoon North MRT Stations on the Cross Island Line, which are set up to be completed in 2030. Features in the spot consist of the well-known Chomp Food Centre, Serangoon Garden Market and Food Centre, and also the Serangoon Garden Country Club, while Nex and also Heartland Shopping Center are within a quick driving range.
Michael Tay, CBRE’s head of funding markets, mentions that the dimension of the spot will certainly permit a large growth. “The area can possibly be redeveloped right into more than 1,000 household units, based on a pre-application feasibility research on traffic influence to be conducted as well as permission from the Land Transport Authority,” he claims.
Kensington Park residence was built in 1990 and comprises 316 units. The site is zoned for domestic usage under the 2019 Master Plan, with a permitted gross plot proportion of 2.1 and also a structure level control of almost 24 storeys. It has 2 access– one at Kensington Park Drive as well as an additional around Serangoon North Avenue 1.
The developer of the location will certainly likewise gain from a natural purchaser pool within existing tenants living within the Serangoon Yard landed estate as they could want to acquire a unit within the new project for their youngsters to live beside them, Tay includes.
Additionally, developers can likewise opt for to develop bigger units, dealing with the present demand among house customers for bigger houses driven by common remote and combination working arrangements.
For CBRE’s Tay, the site’s location, tenure and distance to amenities make things a truly enticing proposition for future customers, as well as for that reason builders. “Our team believe that builders will be drawn to the place as the end product within the new growth will certainly be really attracting equally homeowners and also financiers,” he claims.
The public tender for Kensington Park is going to close on July 7 at 3pm.