EDGEPROP (SINGAPORE) - The 999-year leasehold Kensington Park condominium has been re-launched for collective sale via public tender at $1.28 billion. CBRE is the sole marketing agent for the property.

Read also: Kensington Park condo launched for collective sale at $1.28 bil

The residential site is a sizeable 491,000 sq ft rectangular plot nestled within the Serangoon Garden landed enclave. It has a plot ratio of 2.1 and a building height control of 24 storeys.

The 314-unit development, located on 2,4,6,8,10,12 Kensington Park Drive, enjoys unobstructed views overlooking the low-density landed estate. It will be a short walk to the upcoming Serangoon North MRT Station on the Cross Island Line, scheduled for completion in 2030.

The guide price of  $1.28 billion includes the latest Singapore Land Authority land betterment charge (LBC) of $209.8 million, which translates to a land price of $1,444 psf per plot ratio (psf ppr). If the 7% bonus gross floor area allowed for balconies is included, the LBC payable is $273.1 million, which translates to a lower land price of $1,407 psf ppr.

It was previously launched for en bloc sale at the same price in May. (See potential condos with en bloc calculator)

“The successful launch of the two latest Outside Central Region projects with average prices exceeding $2,100 psf reflects the demand from new home buyers for good-quality OCR products,” says Michael Tay, the head of capital markets at CBRE. Amo Residences had achieved a 98% take-up rate at an average price of $2,110 psf, and Lentor Modern had an 84% take-up rate at an average price of $2,105 psf.

Tay anticipates the sale price for a brand-new 999-year leasehold OCR project like Kensington Park to reach $2,350 to $2,450 psf, with most units having views overlooking the landed estate. The site could potentially yield over 1,000 residential units.

Residents within the Serangoon Garden landed estate offer a ready pool of buyers, as they may acquire a unit for their kids to live near them. Leasing demand at Kensington Park has been strong due to its proximity to International Schools such as Lycée Francais De Singapour and Australian International School, appealing to investors, Tay adds.

Schools located within 1km of the development include the renowned Rosyth School and Zhonghua Primary School.

The Serangoon Garden estate, within Serangoon Garden Circus, is a lifestyle destination with ample F&B options and amenities that provides convenience to residents in the area. Chomp Chomp Food Centre, Serangoon Garden Country Club and Nex mall are a short drive away.

The tender exercise will close on Nov 18 at 3pm.

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