Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – For CBRE’s Tay, the site’s location, tenure and also distance to amenities make things a highly enticing recommendation for future customers, and also for that reason developers. “Our team believe that builders will certainly be attracted to the area as the end product within the brand-new growth will be really attracting each homeowners as well as buyers,” he claims.
According to CBRE, the overview figure of $1.28 billion works out to a land cost of $1,371 psf per plot ratio (ppr). The land cost is overall of the 7% incentive gross floor spot allowed for balconies and also a development cost payable of roughly $232.1 million.
Kensington Park, a 999-year leasehold residence in Serangoon Yard, has already been put up for sale by public tender at an overview cost of $1.28 billion. Situated at 2,4,6,8,10,12 Kensington Park Drive, the spot incorporates an acreage of 491,000 sq ft, making it one of the biggest 999-year leasehold housing land areas out there in Singapore, according to CBRE, which has been named as the distinctive advertising agent for the place.
Conversely, developers can additionally consider to design bigger units, dealing with the present demand among house buyers for much larger residences driven by common remote and combination working concepts.
Kensington Park residence was constructed in 1990 and also composes 316 units. The spot is zoned for residential usage under the 2019 Master Plan, with a permitted gross plot ratio of 2.1 and a structure height control of up to 24 floors. It has 2 doorways– one at Kensington Park Drive and also another along Serangoon North Avenue 1.
Kensington Park is within strolling range to Tavistock and Serangoon North MRT Terminals on the Cross Island Line, which are set to be finished in 2030. Amenities in the local area include the famous Chomp Food Centre, Serangoon Garden Market and Food Centre, and the Serangoon Garden Country Club, while Nex and also Heartland Shopping Mall are within a brief driving range.
Michael Tay, CBRE’s head of capital industry, notes that the size of the spot will allow for an immense innovation. “The site can potentially be redeveloped right into greater than 1,000 residential units, subject to a pre-application expediency study on traffic effect to be carried out and approval from the Land Transport Authority,” he states.
The builder of the site will certainly likewise gain from a natural purchaser pool amongst existing locals living within the Serangoon Garden landed estate as they might wish to invest in a unit within the brand-new building for their youngsters to live near them, Tay includes.
The public tender for Kensington Park is going to close on July 7 at 3pm.