Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Michael Tay, CBRE’s head of resources industry, sees that the size of the place will certainly enable a large innovation. “The site can possibly be redeveloped right into greater than 1,000 domestic units, subject to a pre-application expediency study on traffic impact to be performed as well as endorsement from the Land Transport Authority,” he shares.
Kensington Park is within strolling range to Tavistock and also Serangoon North MRT Terminals on the Cross Island Line, which are scheduled to be completed in 2030. Features in the spot consist of the famous Chomp Food Centre, Serangoon Garden Market and Food Centre, and the Serangoon Garden Country Club, while Nex and Heartland Shopping Center are within a short driving distance.
The builder of the site will likewise benefit from a natural buyer pool among existing dwellers living within the Serangoon Garden landed estate as they might want to buy a unit within the brand-new development for their youngsters to live around them, Tay adds.
Kensington Park residence was integrated in 1990 and composes 316 units. The location is zoned for domestic usage under the 2019 Master Plan, with a permitted gross plot ratio of 2.1 and a building height control of as much as 24 floors. It has two entries– one at Kensington Park Drive and also another along Serangoon North Avenue 1.
Kensington Park, a 999-year leasehold residence in Serangoon Garden, has recently been put up for sale by public tender at a guide deal of $1.28 billion. Found at 2,4,6,8,10,12 Kensington Park Drive, the area encompasses a land area of 491,000 sq ft, making it among the biggest 999-year leasehold home land spots available in Singapore, according to CBRE, which has been selected as the distinctive promotion agent for the place.
For CBRE’s Tay, the site’s place, tenure as well as distance to features make things a notably appealing suggestion for future buyers, and consequently builders. “Our team believe that developers will be attracted to the place as the end product within the new property will be really attracting equally house owners and also buyers,” he states.
Additionally, developers could also opt for to design wider units, catering to the existing interest amongst house buyers for wider homes driven by prevalent remote as well as combination working setups.
According to CBRE, the overview rate of $1.28 billion works out to a land rate of $1,371 psf per plot ratio (ppr). The land fee is comprehensive of the 7% bonus offer gross level spot enabled balconies as well as a growth charge payable of close to $232.1 million.
The public tender for Kensington Park will close on July 7 at 3pm.