Kensington Park condo launched for collective sale at $1.28 bil


SINGAPORE (EDGEPROP) – Kensington Park residence was integrated in 1990 and composes 316 units. The spot is zoned for domestic usage under the 2019 Master Plan, with an allowed gross plot proportion of 2.1 as well as a building peak control of as much as 24 floors. It has two doorways– one at Kensington Park Drive as well as one more near Serangoon North Avenue 1.

According to CBRE, the guide rate of $1.28 billion works out to a land fee of $1,371 psf per plot ratio (ppr). The land cost is inclusive of the 7% benefit gross floor location enabled verandas and a growth expense payable of almost $232.1 million.

For CBRE’s Tay, the site’s place, tenure as well as adjacency to amenities make it a remarkably pleasing proposition for future purchasers, as well as consequently builders. “Our team believe that builders will be attracted to the site as the end product within the new project will certainly be very interesting equally homeowners and also capitalists,” he explains.

The builder of the place will additionally profit from an all-natural customer pool along with existing dwellers living within the Serangoon Garden landed estate as they might wish to acquire a unit within the new property for their kids to live around them, Tay adds.

Kensington Park, a 999-year leasehold condo in Serangoon Garden, has already been offered by public tender at an overview sales price of $1.28 billion. Located at 2,4,6,8,10,12 Kensington Park Drive, the place includes an acreage of 491,000 sq ft, making it one of the largest 999-year leasehold property land areas available in Singapore, according to CBRE, which has been selected as the premium advertising representative for the place.

Additionally, developers could likewise consider to develop wider units, dealing with the current interest among residence investors for more substantial homes driven by prevalent remote and combination working concepts.

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Michael Tay, CBRE’s head of capital markets, keeps in mind that the dimension of the place will certainly enable a large-scale advancement. “The location can possibly be redeveloped into more than 1,000 home units, subject to a pre-application usefulness report on traffic effect to be performed and consent from the Land Transport Authority,” he states.

Kensington Park is inside of roaming range to Tavistock as well as Serangoon North MRT Stations on the Cross Island Line, which are planned to be finished in 2030. Facilities in the place include the famous Chomp Food Centre, Serangoon Garden Market as well as Food Centre, as well as the Serangoon Garden Country Club, while Nex as well as Heartland Mall are within a brief driving range.

The public tender for Kensington Park will close on July 7 at 3pm.


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