Kensington Park condo launched for collective sale at $1.28 bil
SINGAPORE (EDGEPROP) – According to CBRE, the guide rate of $1.28 billion works out to a land charge of $1,371 psf per plot ratio (ppr). The land price is inclusive of the 7% bonus offer gross floor location allowed for terraces as well as an advancement charge due of close to $232.1 million.
For CBRE’s Tay, the site’s location, tenure as well as adjacency to facilities make it a highly appealing suggestion for future customers, and as a result builders. “We believe that developers will certainly be enticed to the area as the final product within the brand-new project will certainly be really interesting each property owners and buyers,” he says.
Michael Tay, CBRE’s head of resources industry, marks that the dimension of the place will enable a large-scale progression. “The site can possibly be redeveloped into more than 1,000 property units, based on a pre-application expediency review on traffic impact to be performed and validation from the Land Transport Authority,” he claims.
Kensington Park residence was constructed in 1990 as well as consists of 316 units. The location is zoned for domestic use under the 2019 Master Plan, with a permitted gross plot ratio of 2.1 as well as a structure height control of approximately 24 floors. It has two entries– one at Kensington Park Drive and another around Serangoon North Avenue 1.
The builder of the place will certainly likewise take advantage of an all-natural purchaser pool amongst existing homeowners living within the Serangoon Yard landed estate as they could intend to buy a unit within the brand-new project for their children to live around them, Tay includes.
Kensington Park, a 999-year leasehold condominium in Serangoon Yard, has actually been offered by public tender at a guide quote of $1.28 billion. Situated at 2,4,6,8,10,12 Kensington Park Drive, the area incorporates a land area of 491,000 sq ft, making it one of the largest 999-year leasehold property land spots available in Singapore, according to CBRE, which has been designated as the distinctive promotion agent for the area.
Additionally, developers can also decide on to build larger units, accommodating the current requirement among residence shoppers for much larger houses driven by prevalent remote and also hybrid working arrangements.
Kensington Park is just within walking range to Tavistock and also Serangoon North MRT Terminals on the Cross Island Line, which are planned to be completed in 2030. Services in the location include the famous Chomp Food Centre, Serangoon Garden Market as well as Food Centre, and the Serangoon Garden Country Club, while Nex as well as Heartland Shopping Mall are within a brief driving distance.
The public tender for Kensington Park will close on July 7 at 3pm.