Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – According to CBRE, the overview value of $1.28 billion works out to a land premium of $1,371 psf per plot ratio (ppr). The land price is overall of the 7% bonus gross level area enabled verandas and an improvement expense payable of about $232.1 million.
Kensington Park, a 999-year leasehold apartment in Serangoon Yard, has already been offered by public tender at an overview quote of $1.28 billion. Situated at 2,4,6,8,10,12 Kensington Park Drive, the site encompasses a land area of 491,000 sq ft, making it one of the biggest 999-year leasehold domestic land spots accessible in Singapore, according to CBRE, which has been selected as the premium advertising agent for the area.
Kensington Park is within walking distance to Tavistock as well as Serangoon North MRT Terminals on the Cross Island Line, which are set to be completed in 2030. Services in the area include the preferred Chomp Food Centre, Serangoon Garden Market and also Food Centre, and the Serangoon Garden Country Club, while Nex as well as Heartland Shopping Center are within a short driving range.
The builder of the site will certainly additionally profit from an all-natural customer pool along with existing tenants living within the Serangoon Yard landed estate as they might wish to purchase a unit within the brand-new structure for their children to live around them, Tay includes.
Additionally, developers might additionally select to build bigger units, dealing with the present interest amongst house shoppers for bigger residences driven by widespread remote as well as a mix of both working setups.
Kensington Park apartment was built in 1990 and also composes 316 units. The site is zoned for residential use under the 2019 Master Plan, with an allowed gross plot proportion of 2.1 and a building level control of up to 24 floors. It has 2 entrances– one at Kensington Park Drive as well as another near Serangoon North Avenue 1.
Michael Tay, CBRE’s head of capital markets, sees that the size of the place will permit a massive growth. “The spot can possibly be redeveloped into more than 1,000 property units, subject to a pre-application expediency investigation on traffic impact to be conducted as well as consent from the Land Transportation Authority,” he explains.
For CBRE’s Tay, the site’s location, tenure and also vicinity to amenities make things a very attractive proposition for future buyers, as well as a result developers. “We believe that builders will be drawn to the spot as the final product within the brand-new progression will certainly be extremely attracting both home owners and clients,” he states.
The public tender for Kensington Park is going to close on July 7 at 3pm.