Situated on Oxford Road, Kentish Green has launched and enter the hot collective sale market.
The owners of Kentish Green Condo have placed a reserve price of $230 million for its 59,143 sq ft site.
This site is located near Farrer Park MRT (Only 400m away) and has 122 condo units. In case the site goes at the stated price, every owner will pocket between $1.736 to $2.086 million.
Moreover, schools such as Farrer Park Primary and St Joseph’s Institution Junior are located near this condo. Consequently, the new owners could develop the site to hold a small commercial unit and 219-259 apartments.
The new development for this site will have home buyer’s attention as it is surrounded by established eateries, supermarkets, shopping malls, great delights, famous seafood restaurants and cafes.
Not only that, its short drive to Novena Health City and around 10 mins drive to Orchard Road, Central Business District and Marina Bay.
With great connectivity and many amenities easily found within, this en bloc site might draw strong interests from the developers.
ERA Realty, a marketing agent already said that one draw could be Russian Cultural Centre that will be constructed along the Rangoon Road.
It is evident that this center will increase demand on accommodation and retail activities around that area.
According to the media, a representative of the Russian embassy stated that the construction of the Cultural Centre will commence before the end of this year.
Interested buyers are required first to pay $20 million premium to add on the lease to a new 99 years from its current 76 years balance lease.
Moreover, there will be a differential premium to escalate the ratio of the plot. This is because owners had initially placed in an outline application and received a piece of advice from the Urban Redevelopment Authority (URA) that it is ready to back an increase in the gross ratio of the plot of the site from the current 2.8 to 3.
The height control might also be increased to 104 meters above mean sea level (AMSL) hence accommodating 28 storeys.
Currently, the land has a height control to accommodate only six storeys.
URA’s advice is valid for six months from the time at which it was received in May 2018.
Tender for Kentish Green will end at 4 pm on 21st August 2018.