Kensington Park makes third collective sale attempt at $1.28 bil
By Cecilia Chow
/ EdgeProp Singapore |
The 314-unit Kensington Park sits on a site area of 491,000 sq ft (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - The 314-unit Kensington Park condo, located on a 491,000 sq ft plot at Kensington Park Drive, has been relaunched for collective sale at $1.28 billion. The 999-year leasehold site is zoned for residential use with an allowable plot ratio (GPR) of 2.1 and a height limit of 24 storeys.
The third collective sale attempt made by the owners of Kensington Park.
The reserve of $1.28 billion translates to a unit land rate of $1,444 psf per plot ratio (psf ppr) or $1,407 psf ppr (with a 7% bonus balcony). This includes an estimated Land Betterment Charge (LBC) of about $273 million.
“With a land area of close to 500,000 sq ft, developers will be able to enjoy economies of scale and curate a luxuriously iconic 999-year development, that could offer a full range of condominium facilities,” says Michael Tay, CBRE head of Singapore capital markets, the marketing agency handling the sale.
Source: EdgeProp Landlens
Assuming an average unit size of 85 sqm, the site can potentially be redeveloped into 1,126 residential units, adds Tay. “With the recent shift towards remote working, demand for larger units has increased,” he notes. “Developers might choose to develop larger units and reduce the number of units on-site to cater to this demand and create a more exclusive development.”
The selling price of the new units is estimated to be in the $2,300 psf to $2,400 psf range, says Tay.
The site’s location within Serangoon Garden landed estate also means the site could see demand for strata-landed houses. Developers, therefore, have the option to add strata-landed houses to the unit mix, according to Tay.
The new condominium units on the site will enjoy unobstructed views given its location within the affluent low-density Serangoon Garden landed enclave, and the maximum height is 24 storeys.
As Serangoon Garden is an established landed residential estate, the area around Serangoon Garden Circus has a vibrant F&B scene with restaurants, bars and cafes, as well as amenities such as gyms, yoga studios, clinics, banking halls and tuition centres. The famous Chomp Chomp Food Centre, Serangoon Garden Market and the Serangoon Garden Country Club are nearby. There is a supermarket at Serangoon North HDB hub just a short drive away, and shopping malls within a short distance include Nex and Heartland Mall. (Find HDB flats for rent or sale with our Singapore HDB directory)
Primary schools within a 1km radius include Rosyth School and Zhonghua Primary School. CHIJ Our Lady of Good Counsel and Montfort Junior School are within a 2km radius. International schools in the vicinity include Lycée Francais De Singapour and Australian International School. Parks nearby include Tavistock Avenue Park, Serangoon North Community Park, and Hwi Yoh Green in the area.
“With Kensington Park’s strategic location and exceptional land attributes, we have decided to relaunch the site for sale for the third time and offer developers the opportunity to acquire one of the largest remaining residential plots in Singapore,” says Tay. The public tender will close on Feb 22.
Check out the latest listings near Kensington Park, Rosyth School, Zhonghua Primary School. CHIJ Our Lady of Good Counsel, Montfort Junior School
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