Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – According to CBRE, the guide value of $1.28 billion works out to a land rate of $1,371 psf per plot ratio (ppr). The land cost is inclusive of the 7% reward gross level spot enabled terraces as well as a growth charge payable of approximately $232.1 million.
Kensington Park condo was built in 1990 as well as composes 316 units. The site is zoned for residential use under the 2019 Master Plan, with an allowable gross plot proportion of 2.1 as well as a building level control of almost 24 storeys. It has 2 doorways– one at Kensington Park Drive and also another along Serangoon North Avenue 1.
Michael Tay, CBRE’s head of funding industry, notes that the measurements of the place will permit an immense development. “The site can potentially be redeveloped right into greater than 1,000 household units, subject to a pre-application usefulness research on traffic effect to be carried out as well as confirmation from the Land Transportation Authority,” he states.
The developer of the spot will additionally profit from a natural customer pool amongst existing locals living within the Serangoon Garden landed estate as they might would like to obtain a unit within the brand-new building for their children to live around them, Tay includes.
For CBRE’s Tay, the site’s place, tenure as well as vicinity to facilities make it a really attractive proposition for future buyers, and also therefore developers. “We believe that developers will certainly be enticed to the spot as the end product within the brand-new advancement will certainly be very interesting both house owners and also investors,” he mentions.
Kensington Park is throughout strolling distance to Tavistock and Serangoon North MRT Terminals on the Cross Island Line, which are planned to be finished in 2030. Amenities in the vicinity consist of the well-liked Chomp Food Centre, Serangoon Garden Market and Food Centre, as well as the Serangoon Garden Country Club, while Nex and Heartland Shopping Center are within a short driving distance.
Kensington Park, a 999-year leasehold condo in Serangoon Garden, has recently been offered by public tender at an overview rate of $1.28 billion. Situated at 2,4,6,8,10,12 Kensington Park Drive, the place incorporates an acreage of 491,000 sq ft, making it among the largest 999-year leasehold housing land places readily available in Singapore, according to CBRE, which has been selected as the unique marketing representative for the location.
Additionally, developers might additionally select to develop larger units, accommodating the present need among property shoppers for bigger residences driven by prevalent isolated as well as combination working setups.
The public tender for Kensington Park will close on July 7 at 3pm.
