Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – The builder of the location will certainly also take advantage of an all-natural customer pool among existing locals living within the Serangoon Garden landed estate as they may wish to purchase a unit within the new property for their youngsters to live beside them, Tay includes.
Michael Tay, CBRE’s head of funding markets, marks that the dimension of the location will consider a large-scale innovation. “The site can potentially be redeveloped into greater than 1,000 household units, subject to a pre-application usefulness study on traffic impact to be conducted and also recommendation from the Land Transport Authority,” he shares.
Kensington Park is inside of strolling range to Tavistock and Serangoon North MRT Stations on the Cross Island Line, which are scheduled to be finished in 2030. Amenities in the area consist of the well-known Chomp Food Centre, Serangoon Garden Market as well as Food Centre, and also the Serangoon Garden Country Club, while Nex and also Heartland Mall are within a short driving range.
For CBRE’s Tay, the site’s venue, tenure and also adjacency to features make it a very appealing recommendation for future buyers, and also therefore builders. “Our company believe that builders will be attracted to the site as the final product within the new property will certainly be really attracting equally house owners as well as capitalists,” he claims.
Conversely, builders could likewise pick to build larger units, accommodating the present demand among residence buyers for more prominent houses driven by widespread isolated and a mix of both working arrangements.
Kensington Park, a 999-year leasehold residence in Serangoon Yard, has already been put up for sale by public tender at an overview price of $1.28 billion. Found at 2,4,6,8,10,12 Kensington Park Drive, the site encompasses an acreage of 491,000 sq ft, making it one of the largest 999-year leasehold housing land places offered in Singapore, according to CBRE, which has been appointed as the unique advertising representative for the location.
Kensington Park condominium was built in 1990 as well as consists of 316 units. The location is zoned for residential usage under the 2019 Master Plan, with a permitted gross plot ratio of 2.1 and a building peak control of approximately 24 storeys. It has 2 lobbies– one at Kensington Park Drive as well as one more around Serangoon North Avenue 1.
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 premium is comprehensive of the 7% reward gross flooring spot allowed for porches and also an advancement expense due of around $232.1 million.
The public tender for Kensington Park is going to close on July 7 at 3pm.