Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – The builder of the area will likewise benefit from a natural buyer pool within existing locals living within the Serangoon Garden landed estate as they might intend to obtain a unit within the brand-new project for their kids to live beside them, Tay says.
Kensington Park condominium was build in 1990 and also contains 316 units. The place is zoned for domestic use under the 2019 Master Plan, with an allowed gross plot ratio of 2.1 and also a structure height control of as much as 24 floors. It has two entryways– one at Kensington Park Drive and also an additional near Serangoon North Avenue 1.
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. Located at 2,4,6,8,10,12 Kensington Park Drive, the spot covers a land area of 491,000 sq ft, making it among the biggest 999-year leasehold household land places readily available in Singapore, according to CBRE, which has actually been named as the premium advertising agent for the site.
For CBRE’s Tay, the site’s place, tenure and also closeness to amenities make things a quite appealing proposal for future customers, and also consequently developers. “Our team believe that builders will be enticed to the place as the final product within the new advancement will certainly be really appealing to each homeowners and also financiers,” he states.
Michael Tay, CBRE’s head of funding markets, notes that the dimension of the location will certainly enable a large-scale advancement. “The place can possibly be redeveloped into more than 1,000 domestic units, subject to a pre-application expediency investigation on traffic impact to be carried out as well as endorsement from the Land Transport Authority,” he says.
According to CBRE, the overview deal of $1.28 billion works out to a land cost of $1,371 psf per plot ratio (ppr). The land rate is overall of the 7% perk gross floor zone permitted porches as well as a growth rate due of roughly $232.1 million.
Kensington Park is throughout roaming range to Tavistock and Serangoon North MRT Terminals on the Cross Island Line, which are set up to be finished in 2030. Facilities in the location consist of the popular Chomp Food Centre, Serangoon Garden Market and Food Centre, and also the Serangoon Garden Country Club, while Nex and also Heartland Shopping Mall are within a little driving range.
Conversely, developers could additionally select to design wider units, dealing with the current need among home shoppers for much larger residences driven by common isolated and hybrid working arrangements.
The public tender for Kensington Park is going to close on July 7 at 3pm.