Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Kensington Park is just within walking distance to Tavistock and also Serangoon North MRT Terminals on the Cross Island Line, which are set to be finished in 2030. Amenities in the area consist of the prominent Chomp Food Centre, Serangoon Garden Market as well as Food Centre, and the Serangoon Garden Country Club, while Nex as well as Heartland Shopping Mall are within a little driving distance.
According to CBRE, the guide figure of $1.28 billion works out to a land charge of $1,371 psf per plot ratio (ppr). The land fee is inclusive of the 7% reward gross flooring location enabled verandas and an improvement charge payable of almost $232.1 million.
The developer of the site will certainly also benefit from a natural customer pool within existing homeowners living within the Serangoon Garden landed estate as they might would like to invest in a unit within the brand-new development for their youngsters to live beside them, Tay adds.
Kensington Park residence was integrated in 1990 as well as makes up 316 units. The place is zoned for household usage under the 2019 Master Plan, with an allowed gross plot proportion of 2.1 and also a structure height control of up to 24 storeys. It has 2 entrances– one at Kensington Park Drive as well as an additional near Serangoon North Avenue 1.
Michael Tay, CBRE’s head of resources industry, keeps in mind that the size of the location will allow for an immense innovation. “The site can potentially be redeveloped into greater than 1,000 household units, subject to a pre-application usefulness study on traffic effect to be performed and authorization from the Land Transportation Authority,” he mentions.
Alternatively, developers can likewise opt for to construct larger units, dealing with the present demand amongst residence customers for bigger houses driven by common isolated and a mix of both working plans.
For CBRE’s Tay, the site’s venue, tenure as well as distance to facilities make things a truly appealing recommendation for future buyers, and also therefore developers. “Our team believe that builders will be lured to the site as the end product within the new growth will certainly be really appealing to equally homeowners as well as financiers,” he says.
Kensington Park, a 999-year leasehold residence in Serangoon Garden, has been put up for sale by public tender at an overview quote of $1.28 billion. Found at 2,4,6,8,10,12 Kensington Park Drive, the spot encompasses a land area of 491,000 sq ft, making it among the biggest 999-year leasehold domestic land sites in the market in Singapore, according to CBRE, which has been chosen as the premium promotion agent for the site.
The public tender for Kensington Park will close on July 7 at 3pm.