CBRE, as sole marketing agent, is relaunching Kensington Park for sale at an unchanged reserve price. The site offers developers an opportunity to acquire and develop one of the largest 999-year leasehold residential land site in the northeast of Singapore.

The public tender for Kensington Park will close on Wednesday, 22 February 2023 at 3.00 pm.

Located at 2,4,6,8,10,12 Kensington Park Drive, Kensington Park sits on a massive 491,000 sq ft plot, featuring an ideal rectangular layout with two entrances – one at Kensington Park Drive and another along Serangoon North Avenue 1. Located in the heart of Serangoon Garden, the 314-unit development enjoys unobstructed and protected views, overlooking the affluent and low-density Serangoon Garden landed neighborhood.

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.

At the reserve price of S$1.28 billion, the unit land rate is S$1,444 psf ppr or S$1,407 psf ppr (with 7% bonus balcony). This is inclusive of an estimated Land Betterment Charge (LBC) of about S$273 million.

Mr Michael Tay (郑兆能), Head of Singapore Capital Markets, CBRE, said, “We have seen growing interest and demand from developers looking to acquire prime residential land in Singapore.

This is on the back of dwindling supply of new residential units, strong take up rate at new condominium launches recently, such as Sceneca Residences, Lentor Modern and AMO Residences, as well as the expectation of strong buying interest from the Chinese after China’s border reopening. As such, with Kensington Park’s strategic location and exceptional land attributes, we have decided to relaunch the site for sale for the 3rd time and offer developers the opportunity to acquire one of the largest remaining residential plots in Singapore.”

“With a land area of approximately 500,000 sq ft, developers will be able to enjoy economies of scale and curate a luxuriously iconic 999-year development, that could offer a full range of condominium facilities. Assuming an average unit size of 85sqm, the site can potentially be redeveloped into 1,126 residential units. With the recent shift towards 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. Due to the site’s location within the prestigious Serangoon Garden landed estate, demand for strata-landed houses will also be popular amongst home buyers providing developers the option to add these into the unit mix as well.”, adds Mr Tay.

Serangoon Garden is one of the oldest estates in Singapore. Located within the estate is Serangoon Garden Circus, a vibrant F&B, amenities, and lifestyle destination offering a plethora of restaurants, bars, cafes, gyms, yoga studios, clinics, banking halls, private tuition centres, specialty retail outlets and local hawker joints. This allows the residents in the area to benefit from the convenience of having immediate access to these daily necessities easily.

Being home to the famous and popular Chomp Chomp Food Centre and Serangoon Garden Market, the area constantly bustles 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, Heartland Mall and a supermarket at Serangoon North HDB hub are just a short drive away. For nature lovers, there are numerous parks such as Tavistock Avenue Park, Serangoon North Community Park, and Hwi Yoh Green in the area.

Mr Tay opines, “Being nestled within the affluent 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 and protected views overlooking the landed estate. We believe that developers will be able to achieve premium pricing even for the low floor units allowing for developers to achieve a higher average sale price for the entire development.”

There are many reputable educational institutions nearby. Primary schools located within a 1km radius include Rosyth School and Zhonghua Primary School, while CHIJ Our Lady of Good Counsel, Montfront Junior School are within a 2km radius. International schools in the vicinity includes Lycée Francais De Singapour and Australian International School. Other notable schools in the vicinity are St Gabriel’s Secondary School, Paya Lebar Methodist Girls’ Secondary School, Zhong Hua Secondary School, Anderson Serangoon Junior College, and Nanyang Junior College.

The site also enjoys seamless connectivity to other parts of Singapore via private and public transportation. The Central Expressway (CTE) provides residents access to the Central Business District (CBD) and Orchard Road within a short 10 to 15 minutes’ drive. Upon the scheduled completion of the Tavistock (CR10) and Serangoon North (CR9) MRT stations in 2030, the site will enjoy greater accessibility and convenience too.

To request a copy of the Information Memorandum please contact the marketing agent Mr Michael Tay (郑兆能), Head of Singapore Capital Markets, CBRE, via the contact details below. 

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Mr Michael Tay (郑兆能), Head of Singapore Capital Markets, CBRE