Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Michael Tay, CBRE’s head of funding markets, notes that the dimension of the spot will certainly permit a massive progression. “The area can possibly be redeveloped into more than 1,000 property units, based on a pre-application feasibility investigation on traffic effect to be conducted as well as recommendation from the Land Transport Authority,” he says.
Kensington Park, a 999-year leasehold apartment in Serangoon Yard, has actually been put up for sale by public tender at a guide cost of $1.28 billion. Found at 2,4,6,8,10,12 Kensington Park Drive, the location includes a land area 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 actually been appointed as the unique promotion representative for the place.
Alternatively, builders could likewise consider to establish wider units, dealing with the current requirement among property investors for wider houses driven by extensive remote and a mix of both working arrangements.
The builder of the location will additionally benefit from a natural customer pool among existing dwellers living within the Serangoon Garden landed estate as they could want to acquire a unit within the brand-new project for their children to live beside them, Tay adds.
Kensington Park condo was constructed in 1990 and also composes 316 units. The location is zoned for residential usage under the 2019 Master Plan, with an allowable gross plot ratio of 2.1 as well as a structure height control of approximately 24 storeys. It has two doorways– one at Kensington Park Drive as well as another around Serangoon North Avenue 1.
For CBRE’s Tay, the site’s area, tenure as well as closeness to features make it a very attractive recommendation for future purchasers, and for that reason developers. “Our team believe that developers will be attracted to the area as the final product within the new project will be very attracting equally homeowners as well as investors,” he mentions.
According to CBRE, the guide cost of $1.28 billion works out to a land premium of $1,371 psf per plot ratio (ppr). The land cost is inclusive of the 7% incentive gross flooring zone enabled balconies as well as an improvement price due of about $232.1 million.
Kensington Park is inside of walking distance to Tavistock and also Serangoon North MRT Stations on the Cross Island Line, which are scheduled to be completed in 2030. Amenities in the vicinity include the well-liked Chomp Food Centre, Serangoon Garden Market as well as Food Centre, and also the Serangoon Garden Country Club, while Nex as well as Heartland Mall are within a little driving distance.
The public tender for Kensington Park will close on July 7 at 3pm.