Kensington Park condo launched for collective sale at $1.28 bil

SINGAPORE (EDGEPROP) – Kensington Park is through walking range to Tavistock and also Serangoon North MRT Terminals on the Cross Island Line, which are set up to be finished in 2030. Features in the location include the popular Chomp Food Centre, Serangoon Garden Market and also Food Centre, as well as the Serangoon Garden Country Club, while Nex and Heartland Shopping Center are within a quick driving range.

Michael Tay, CBRE’s head of funding markets, indicates that the size of the spot will allow for a massive enhancement. “The spot can possibly be redeveloped right into more than 1,000 property units, subject to a pre-application feasibility investigation on traffic influence to be performed and also authorization from the Land Transport Authority,” he says.

Additionally, builders could also choose to construct wider units, dealing with the current need amongst residence customers for bigger houses driven by overall remote and hybrid working setups.

Kensington Park, a 999-year leasehold condominium in Serangoon Garden, has been put up for sale by public tender at an overview price of $1.28 billion. Situated at 2,4,6,8,10,12 Kensington Park Drive, the spot encompasses a land area of 491,000 sq ft, making it one of the most significant 999-year leasehold domestic land sites available in Singapore, according to CBRE, which has been appointed as the unique marketing representative for the spot.

Kensington Park condominium was built in 1990 and comprises 316 units. The site is zoned for domestic usage under the 2019 Master Plan, with a permitted gross plot proportion of 2.1 and a property height control of approximately 24 storeys. It has two doorways– one at Kensington Park Drive and one more along Serangoon North Method 1.

Avenir Condo price

According to CBRE, the overview price of $1.28 billion calculate to a land rate of $1,371 psf per plot ratio (ppr). The land rate is inclusive of the 7% incentive gross floor location allowed for porches and also a development cost payable of around $232.1 million.

For CBRE’s Tay, the site’s venue, tenure as well as proximity to facilities make it an absolutely enticing proposal for future customers, and also as a result developers. “We believe that developers will certainly be drawn to the place as the end product within the new advancement will certainly be really attracting both home owners as well as investors,” he claims.

The builder of the spot will also gain from an all-natural customer swimming pool amongst existing tenants residing within the Serangoon Garden landed estate as they might would like to acquire a unit within the brand-new development for their youngsters to live near them, Tay adds.

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

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