Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Michael Tay, CBRE’s head of resources markets, sees that the dimension of the spot will enable a large-scale development. “The area can potentially be redeveloped into more than 1,000 residential units, subject to a pre-application expediency investigation on traffic effect to be carried out as well as permission from the Land Transportation Authority,” he mentions.
Kensington Park is inside of walking range to Tavistock and Serangoon North MRT Stations on the Cross Island Line, which are scheduled to be completed in 2030. Services in the local area include the prominent Chomp Food Centre, Serangoon Garden Market and Food Centre, and also the Serangoon Garden Country Club, while Nex and Heartland Mall are within a little driving distance.
The builder of the area will certainly additionally gain from a natural purchaser pool among existing occupants living within the Serangoon Yard landed estate as they could wish to buy a unit within the brand-new development for their youngsters to live beside them, Tay adds.
Kensington Park condo was constructed in 1990 and consists of 316 units. The place is zoned for property use under the 2019 Master Plan, with an allowed gross plot proportion of 2.1 as well as a building peak control of approximately 24 floors. It has two entryways– one at Kensington Park Drive and also one more near Serangoon North Avenue 1.
Alternatively, developers could likewise choose to construct larger units, catering to the current need among house customers for better houses driven by popular isolated and also combination working plans.
Kensington Park, a 999-year leasehold residence in Serangoon Yard, has recently been put up for sale by public tender at an overview sales price of $1.28 billion. Found at 2,4,6,8,10,12 Kensington Park Drive, the area covers an acreage of 491,000 sq ft, making it one of the largest 999-year leasehold household land sites in the market in Singapore, according to CBRE, which has actually been designated as the exclusive marketing agent for the spot.
For CBRE’s Tay, the site’s area, tenure as well as nearness to services make it a considerably desirable proposition for future buyers, and as a result builders. “We believe that developers will be drawn to the area as the end product within the brand-new property will be very attracting each property owners and investors,” he announces.
According to CBRE, the overview price of $1.28 billion works out to a land fee of $1,371 psf per plot ratio (ppr). The land price is overall of the 7% bonus offer gross level location allowed for porches as well as an advancement charge payable of roughly $232.1 million.
The public tender for Kensington Park will close on July 7 at 3pm.