Kensington Park condo goes on sale with a guide price of $1.28b
The property is being sold via public tender.
The Kensington Park condominium in Serangoon Garden has been launched for sale via public tender with a guide price of $1.28b.
The public tender will close on 7 July 2022 at 3 p.m.
Including the development charge (DC) payable of approximately $178.1m, the price will work out to be approximately S$1,414 per square foot per plot ratio (psf ppr), according to the property’s marketing agent, CBRE.
The land rate will be lower at $1,371 psf ppr if the 7% bonus gross floor area allowed for balconies and a DC payable of approximately $232.1m will be taken into consideration.
The 316-unit condominium located at 2, 4, 6, 8, 10, 12 Kensington Park Drive sits on a 491,000 sq ft rectangular plot with an allowable gross plot ratio (GPR) of 2.1 and a building height control of up to 24 storeys.
It can also be redeveloped into more than 1,000 residential units, subject to a pre-application feasibility study on traffic impact to be conducted and approval from Land Transport Authority, according to Michael Tay (郑兆能), head of Singapore Capital Markets, CBRE.
“With a large residential plot of approximately 500,000 sq ft, a developer will be able to enjoy economies of scale and curate an iconic 999-year landmark development offering a full range of condominium facilities,” Tay said.