Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Kensington Park is in just strolling range to Tavistock as well as Serangoon North MRT Terminals on the Cross Island Line, which are arranged to be completed in 2030. Services in the area feature the preferred Chomp Food Centre, Serangoon Garden Market as well as Food Centre, as well as the Serangoon Garden Country Club, while Nex and Heartland Shopping Center are within a quick driving range.
For CBRE’s Tay, the site’s location, period as well as closeness to features make it an absolutely appealing proposal for future customers, and as a result builders. “We believe that builders will certainly be attracted to the place as the end product within the brand-new advancement will certainly be quite attracting both home owners and investors,” he says.
The builder of the area will certainly also take advantage of an all-natural purchaser pool among existing occupants residing within the Serangoon Garden landed estate as they could prefer to purchase a unit within the new project for their kids to live around them, Tay adds.
Kensington Park, a 999-year leasehold condo in Serangoon Garden, has recently been offered by public tender at an overview rate of $1.28 billion. Established at 2,4,6,8,10,12 Kensington Park Drive, the area incorporates a land area of 491,000 sq ft, making it one of the most extensive 999-year leasehold residential land places out there in Singapore, according to CBRE, which has been assigned as the premium promotion agent for the spot.
Kensington Park condominium was integrated in 1990 and also includes 316 units. The spot is zoned for domestic usage under the 2019 Master Plan, with a permitted gross plot ratio of 2.1 and an establishment elevation control of approximately 24 floors. It has 2 passageways– one at Kensington Park Drive as well as an additional along Serangoon North Method 1.
According to CBRE, the overview rate of $1.28 billion calculate to a land cost of $1,371 psf per plot ratio (ppr). The land cost is inclusive of the 7% reward gross floor spot considered porches and a growth fee payable of approximately $232.1 million.
Furthermore, builders can even select to develop larger units, catering to the current interest among residence customers for bigger homes driven by extensive remote and hybrid working setups.
Michael Tay, CBRE’s head of capital markets, marks that the dimension of the location will permit a large-scale progress. “The site can potentially be redeveloped right into more than 1,000 household units, subject to a pre-application workability report on traffic influence to be conducted and also confirmation from the Land Transport Authority,” he explains.
The public tender for Kensington Park will close on July 7 at 3pm.
