Kensington Park condo back on the en bloc market at S$1.28b

Vivienne Tay
Published Tue, Oct 4, 2022 · 12:51 PM

KENSINGTON Park condominium in Serangoon Gardens has been relaunched for en bloc sale via tender with an unchanged guide price of S$1.28 billion, sole marketing agent CBRE said on Tuesday (Oct 4).

Including a land betterment charge of S$209.8 million, the land rate works out to around S$1,444 per square foot per plot ratio (psf ppr).

After taking into consideration the 7 per cent bonus gross floor area allowed for balconies and a land betterment charge payable of around S$273.1 million, this translates to a lower S$1,407 per square foot per plot ratio.

The 314-unit property is located at 2,4,6,8,10,12 Kensington Park Drive and sits on a site spanning 491,000 square feet (sq ft). It has a leasehold of 999 years and is zoned for residential use with an allowable gross plot ratio of 2.1 and building height control of up to 24 storeys.

CBRE Singapore head of capital markets Michael Tay said the site can potentially 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 the Land Transport Authority.

“With selling prices of above S$2,100 psf for brand new 99-year outside of central (OCR) projects becoming the new norm, we are confident that the selling pricing of S$2,350 to S$2,450 psf for a brand new 999-year leasehold OCR project such as Kensington Park will be acceptable to the market,” Tay noted.

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Schools nearby include Zhonghua Primary School, CHIJ Our Lady of Good Counsel, Montfort Junior School, Lycee Francais De Singapour and Australian International School, St Gabriel’s Secondary School, Paya Lebar Methodist Girls’ Secondary School, Zhong Hua Secondary School, Anderson Serangoon Junior College and Nanyang Junior College.

Amenities include Serangoon Garden Circus, Chomp Chomp Food Centre, Serangoon Garden Market and Food Centre, and Serangoon Garden Country Club.

The tender will close at 3 pm on Nov 18.



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