SINGAPORE (EDGEPROP) - Kensington Park, a 999-year leasehold condominium in Serangoon Garden, has been put up for sale by public tender at a guide price of $1.28 billion. Located at 2,4,6,8,10,12 Kensington Park Drive, the site encompasses a land area of 491,000 sq ft, making it one of the largest 999-year leasehold residential land sites available in Singapore, according to CBRE, which has been appointed as the exclusive marketing agent for the site.

Kensington Park condominium was built in 1990 and comprises 316 units. The site is zoned for residential use under the 2019 Master Plan, 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.

According to CBRE, the guide price of $1.28 billion works out to a land rate of $1,371 psf per plot ratio (ppr). The land rate is inclusive of the 7% bonus gross floor area allowed for balconies and a development charge payable of approximately $232.1 million.

Michael Tay, CBRE’s head of capital markets, notes that the size of the site will allow for a large-scale development. “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,” he says.

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Alternatively, developers could also choose to build larger units, catering to the current demand among home buyers for bigger homes driven by widespread remote and hybrid working arrangements.

Kensington Park is within walking distance to Tavistock and Serangoon North MRT Stations on the Cross Island Line, which are scheduled to be completed in 2030.  Amenities in the area include the popular Chomp Chomp Food Centre, Serangoon Garden Market and Food Centre, and the Serangoon Garden Country Club, while Nex and Heartland Mall are within a short driving distance.

See also: 4 of the Oldest Shops at Serangoon Garden [Local Guide]

For CBRE’s Tay, the site’s location, tenure and proximity to amenities make it a very appealing proposition for future buyers, and therefore developers. “We believe that developers will be drawn to the site as the final product within the new development will be very appealing to both homeowners and investors,” he says.

The developer of the site will also benefit from a natural buyer pool among existing residents living within the Serangoon Garden landed estate as they might want to purchase a unit within the new development for their children to live near them, Tay adds.

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

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