Kensington Park condo launched for collective sale at $1.28 bil

SINGAPORE (EDGEPROP) – Kensington Park is through strolling proximity to Tavistock and also Serangoon North MRT Terminals on the Cross Island Line, which are arranged to be finished in 2030. Services in the location feature the preferred Chomp Food Centre, Serangoon Garden Market and also Food Centre, and the Serangoon Garden Country Club, while Nex and also Heartland Mall are within a brief driving distance.

Michael Tay, CBRE’s head of resources markets, keeps in mind that the size of the area will certainly permit a large advancement. “The site can possibly be redeveloped into beyond 1,000 property units, subject to a pre-application expediency report on traffic impact to be conducted and endorsement from the Land Transport Authority,” he claims.

Furthermore, builders might also select to build more substantial units, catering to the current demand amongst house buyers for better residences driven by extensive remote and also hybrid working setups.

The M Condo Middle Road

Kensington Park, a 999-year leasehold condo in Serangoon Garden, has been put up for sale by public tender at a guide quote of $1.28 billion. Situated at 2,4,6,8,10,12 Kensington Park Drive, the location incorporates a land area of 491,000 sq ft, making it among the greatest 999-year leasehold household land sites readily available in Singapore, according to CBRE, which has been chosen as the restricted promotion representative for the area.

Kensington Park condo was integrated in 1990 and also comprises 316 units. The site is zoned for property use under the 2019 Master Plan, with a permitted gross plot proportion of 2.1 as well as a structure height control of up to 24 floors. It has 2 lobbies– one at Kensington Park Drive and another along Serangoon North Opportunity 1.

According to CBRE, the guide quote of $1.28 billion works out to a land cost of $1,371 psf per plot ratio (ppr). The land cost is inclusive of the 7% perk gross floor area permitted balconies as well as an advancement fee payable of about $232.1 million.

For CBRE’s Tay, the site’s place, tenure and distance to amenities make it an absolutely desirable suggestion for future investors, and also therefore builders. “We believe that developers will be attracted to the site as the end product within the new advancement will certainly be quite tempting both property owners as well as capitalists,” he claims.

The builder of the spot will additionally take advantage of an all-natural customer swimming pool amongst existing occupants occupying within the Serangoon Garden landed estate as they could intend to invest in a unit within the brand-new project for their youngsters to live nearby them, Tay includes.

The public tender for Kensington Park will close on July 7 at 3pm.

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