Kensington Park condo launched for collective sale at $1.28 bil

SINGAPORE (EDGEPROP) – For CBRE’s Tay, the site’s location, tenure and also vicinity to services make it a truly desirable proposition for future purchasers, as well as consequently builders. “Our team believe that developers will certainly be attracted to the site as the end product within the new property will be extremely appealing to each property owners and clients,” he states.

Kensington Park, a 999-year leasehold condominium in Serangoon Yard, has already been offered by public tender at an overview cost of $1.28 billion. Located at 2,4,6,8,10,12 Kensington Park Drive, the spot encompasses an acreage of 491,000 sq ft, making it among the biggest 999-year leasehold residential land spots in the market in Singapore, according to CBRE, which has been assigned as the distinctive advertising agent for the site.

Kensington Park is just within roaming distance to Tavistock as well as Serangoon North MRT Stations on the Cross Island Line, which are arranged to be finished in 2030. Amenities in the spot consist of the well-known Chomp Food Centre, Serangoon Garden Market and also Food Centre, and the Serangoon Garden Country Club, while Nex and Heartland Shopping Center are within a short driving distance.

The Arden Qingjian Realty

The developer of the area will certainly also profit from a natural customer pool among existing residents living within the Serangoon Garden landed estate as they might wish to obtain a unit within the brand-new project for their kids to live near them, Tay adds.

Michael Tay, CBRE’s head of funding markets, mentions that the measurements of the spot will certainly enable a large progression. “The site can potentially be redeveloped into more than 1,000 home units, based on a pre-application feasibility research study on traffic effect to be conducted as well as consent from the Land Transportation Authority,” he mentions.

According to CBRE, the overview rate of $1.28 billion works out to a land premium of $1,371 psf per plot ratio (ppr). The land charge is overall of the 7% perk gross level zone allowed for porches and an improvement price due of somewhere around $232.1 million.

Kensington Park condominium was integrated in 1990 as well as comprises 316 units. The place is zoned for residential usage under the 2019 Master Plan, with an allowed gross plot ratio of 2.1 and a structure level control of as much as 24 storeys. It has two access– one at Kensington Park Drive and an additional near Serangoon North Avenue 1.

Alternatively, builders can also select to construct bigger units, addressing the present demand among residence purchasers for better residences driven by popular remote as well as hybrid working setups.

The public tender for Kensington Park is going to close on July 7 at 3pm.

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