Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – Kensington Park, a 999-year leasehold residence in Serangoon Garden, has actually been put up for sale by public tender at a guide value of $1.28 billion. Found at 2,4,6,8,10,12 Kensington Park Drive, the area includes an acreage of 491,000 sq ft, making it one of the biggest 999-year leasehold housing land locations available in Singapore, according to CBRE, which has been assigned as the distinctive advertising representative for the area.
Kensington Park residence was integrated in 1990 as well as comprises 316 units. The place is zoned for property use under the 2019 Master Plan, with an allowable gross plot proportion of 2.1 and also a building height control of around 24 floors. It has 2 access– one at Kensington Park Drive and also an additional near Serangoon North Avenue 1.
The developer of the place will certainly additionally profit from a natural purchaser pool along with existing tenants living within the Serangoon Yard landed estate as they may intend to invest in a unit within the brand-new structure for their youngsters to live around them, Tay includes.
Kensington Park is throughout roaming range to Tavistock as well as Serangoon North MRT Stations on the Cross Island Line, which are scheduled to be completed in 2030. Facilities in the local area consist of the well-known Chomp Food Centre, Serangoon Garden Market and Food Centre, as well as the Serangoon Garden Country Club, while Nex as well as Heartland Mall are within a little driving distance.
Alternatively, developers can additionally opt for to develop larger units, addressing the current need among house customers for larger houses driven by extensive isolated and also combination working arrangements.
North Gaia Sing Holdings Limited
According to CBRE, the overview value of $1.28 billion works out to a land fee of $1,371 psf per plot ratio (ppr). The land cost is inclusive of the 7% reward gross level place allowed for balconies and also an improvement fee due of about $232.1 million.
For CBRE’s Tay, the site’s venue, tenure and also proximity to facilities make things a quite desirable proposition for future customers, as well as a result builders. “Our team believe that developers will be attracted to the spot as the final product within the brand-new progression will certainly be really interesting equally homeowners as well as buyers,” he states.
Michael Tay, CBRE’s head of resources industry, notes that the dimension of the location will allow for an immense innovation. “The location can potentially be redeveloped right into greater than 1,000 property units, subject to a pre-application expediency report on traffic influence to be performed and endorsement from the Land Transportation Authority,” he explains.
The public tender for Kensington Park is going to close on July 7 at 3pm.
