Exclusive and Sprawling 999-year residential site in the heart of affluent Serangoon Garden up for sale
Nestled within the low-density landed neighborhood, development enjoys unobstructed city views
18 May 2022
Singapore, 18 May 2022 – CBRE, as the exclusive marketing agent, is putting up for sale, by public tender, 2,4,6,8,10,12 Kensington Park Drive, which offers developers the exceptional opportunity to acquire and develop one of the largest 999-year leasehold residential land site available in Singapore.
Situated on a massive 491,000 sq ft rectangular plot nestled within the affluent low-density Serangoon Garden landed neighborhood, Kensington Park condominium is a 316-unit development that enjoys unobstructed and protected views over the landed estate of Serangoon Garden.
The site has two entrances – one at Kensington Park Drive and another along Serangoon North Avenue 1 and is within a short stroll to the upcoming Tavistock (CR10) and Serangoon North (CR9) MRT stations on the Cross Island Line, which are scheduled to be completed in 2030.
Under the 2019 Master Plan, the site is zoned “Residential” with an allowable gross plot ratio (GPR) of 2.1 and a building height control of up to 24 storey.
The guide price for the site is S$1.28 billion. Including the development charge (DC) payable of approximately S$178.1 million, the price will work out to be approximately S$1,414 per square foot per plot ratio. Taking into consideration the 7% bonus gross floor area allowed for balconies and a DC payable of approximately $232.1 million, this translates to a lower S$1,371 per square foot per plot ratio.
Mr Michael Tay (郑兆能), Head of Singapore Capital Markets, CBRE, said, “Being nestled within the low-density Serangoon Garden landed enclave, coupled with the fact that developers will be able to build up to 24-storeys for a new development, majority of the residential units within the new development will be able to enjoy unobstructed views overlooking the landed estate. We believe that developers will be able to achieve premium pricing even for the low floor units, allowing them to secure a higher average sale price for the entire development.”
Mr Tay continues, “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. 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 LTA. With hybrid working here to stay and more people practicing remote working, demand for larger units has increased. Developers might choose to develop larger units and reduce the number of units on site to cater to this demand and create a more exclusive development. Considering the site’s location within the exclusive Serangoon Garden landed estate, demand for strata-landed houses will also be popular amongst home buyers, which provides developers additional option to include these into the unit mix of the new development as well.”
Serangoon Garden is one of the oldest estates in Singapore. Located within the estate is Serangoon Garden Circus, a vibrant lifestyle destination providing a plethora of F&B options and amenities that include restaurants, trendy bars, cafes, gyms, yoga studios, clinics, banking halls, private tuition centres, supermarket, specialty retail outlets and local hawker joints, among its offerings. This benefits the residents in the area because of the convenience of having immediate access to these daily necessities. Famous for being home to the popular Chomp Chomp Food Centre and Serangoon Garden Market and Food Centre, the area is constantly bustling with activities especially at night and on weekends. The area is also home to the prestigious Serangoon Garden Country Club. Shopping malls such as Nex and Heartland Mall are just a short drive away too. For nature lovers, there are numerous parks such as Tavistock Avenue Park, Serangoon North Community Park, Hwi Yoh Green in the area.
“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. For homeowners, the huge draw would stem from the prestigious address, coveted 999-year tenure, proximity to amenities, walking distance to 2 MRT stations, large landscape providing an expansive and open feel, unobstructed views and the site being situated within 1km of the renowned Rosyth School. Residents living within the Serangoon Garden landed estate will also be a natural buyer pool, as they might want to purchase a unit within the new development for their kids to live near them. For investors, leasing demand at Kensington Park has traditionally been strong and will continue to do so due to its proximity to International Schools such as Lycée Francais De Singapour and Australian International School.”, Mr Tay adds further.
Other popular schools located within 1km include Zhonghua Primary School while CHIJ Our Lady of Good Counsel, Montfront Junior School are within 2km. International schools in the vicinity includes Lycée Francais De Singapour and Australian International School. Other schools in the vicinity includes St Gabriel’s Secondary School, Paya Lebar Methodist Girls’ Secondary School, Zhong Hua Secondary School, Serangoon Junior College and Nanyang Junior College. Meanwhile, the site also enjoys seamless connectivity to other parts of Singapore via Central Expressway and the Central Business District (CBD) and Orchard Road is a short 10 to 15 minutes’ drive away.
The public tender for Kensington Park will close on Thursday, 7 July 2022 at 3.00 pm.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.