Kensington Park Serangoon Condo Enbloc

Kensington Park Serangoon Condo Enbloc is an excellent value for money. The developer has sold over 560 units at a median price of S$1,020 psf in the past six months. The developer also sold over 100 units at The Santorini in Tampines. As of June, median resale prices in District 18 stood at S$897 psf. The lack of new launches could negatively affect the resale market.

The Serangoon Gardens neighbourhood is home to the prestigious Kensington Park Drive collective sale site with unobstructed views of the estate. The development was constructed in 1990 and has 316 units, with the highest building being 19 stories. The project is spread over six blocks with a mix of units, from one-bedroom flats to duplexes. The design is modern and well-planned with windows in most kitchens.

The enbloc development has re-launched its sales with an updated guide price of S$1.28 billion, including land betterment charges of about S$209.8 million. The price is approximately S$1,444 per sq ft per plot ratio.

New launches in District 18 in the second quarter have been relatively modest. In the past two months, City Developments sold more than 500 units at Coco Palms in Pasir Ris for an average price of S$1,020 psf. Meanwhile, MCC Land sold more than 100 units at The Santorini in Tampines for an average price of S$1,113 psf. Meanwhile, resale transactions in District 18 were steady – up 5.6 per cent year-on-year.

In the second quarter of 2014, the number of resale transactions was down slightly compared to the first quarter. The reason for this was that new launches pushed up prices. However, the number of transactions fell in District 7 and District 19, which covers Serangoon Garden and Hougang. In these districts, the number of transactions dropped to 57 from 164.

As a result, private condo resale volumes fell by 40.7 per cent year-on-year in the second quarter. This was comparable to the level seen during the Global Financial Crisis. Meanwhile, District 27 in the north and District 18 in the east maintained good resale volumes. In the second quarter of 2014, there were 57 transactions in these districts.

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