SINGAPORE — Kensington Park condominium has been launched for collective sale by public tender with a guide price of S$1.28 billion, its exclusive marketing agent CBRE said.
Located at 2,4,6,8,10,12 Kensington Park Drive, the site encompasses a land area of 491,000 sq ft, CBRE said in a statement.
The guide price for the 999-year leasehold residential property, comprising 316 units, translates to a land rate of $1,371 per sq ft per plot ratio. The price is inclusive of an additional 7 per cent of bonus gross floor area for balconies and a development charge of about $232.1 million.
The site could potentially be redeveloped into more than 1,000 residential units, according to Michael Tay, head of Singapore capital markets at CBRE.
"Considering the site's location within the exclusive Serangoon Garden landed estate, demand for strata-landed houses will also be popular among home buyers, which provides developers the option to include these into the unit mix of the new development," Tay said.
Kensington Park condominium was built in 1990. Under the 2019 Master Plan, the site is zoned for residential use with an allowable gross plot ratio of 2.1 and a building height control of up to 24 storeys. It has two entrances — one at Kensington Park Drive and another along Serangoon North Avenue 1.
The public tender will close on 7 July at 3pm.