Kentish Green joins en bloc fray

Owners of 122-unit condo on 59,143 sq ft site near Farrer Park MRT Station asking reserve price of S$230m

Jul 19, 2018

KENTISH Green on Oxford Road has joined the roster of developments here trying for a collective sale.

Owners are asking for a reserve price of S$230 million for the site spanning 59,143 sq ft. The 122-unit condo is close to Farrer Park MRT Station. At this price, a sale would net each owner between S$1.736 million and S$2.086 million.

The site can be redeveloped to accommodate 219 to 259 apartments with a small commercial component.

Marketing agent ERA Realty said that one draw could be an upcoming Russian Cultural Centre to be built at the neighbouring Rangoon Road, which it believes will drive demand for accommodation and retail activity in the area. Work on the cultural centre is expected to start sometime later this year, a Russian embassy representative confirmed with The Business Times.

Schools like St Joseph's Institution Junior and Farrer Park Primary School are also in the area.

The buyer would have to pay a premium to top up the lease to a fresh 99 years from its existing balance lease of 76 years, estimated at about S$20 million.

In addition, a differential premium to intensify the plot ratio could also be applicable. That is because owners had also earlier put in an outline application and got advice from the Urban Redevelopment Authority (URA) that it is prepared to support an increase in the gross plot ratio of the site to 3 from its current 2.8.

The height control could also be raised from the current six storeys to 104 metres above mean sea level (AMSL), which could yield 28 storeys, subject to a formal development application. The advice from URA has a validity of six months from when it was obtained, in late May this year.

The tender for Kentish Green closes at 4 pm on Aug 21.