Bookmark & Share
The ICB Shopping Centre (pictured) along Yio Chu Kang Road is set to be launched for collective sale later this week at an asking price of between $65 million and $70 million, reported the Business Times.
This after the owners of the commercial and residential units in the integrated project acquiesced to an en bloc sale on Friday (22 September). But this is subject to a five-day cooling period before the tender for the development’s first collective sale attempt is called.
Built over 30 years ago, the development features six apartments spanning 1,324 sq ft to 1,550 sq ft and 13 retail units that mostly sell various products.
Sited on a freehold land with an area of 15,548 sq ft, ICB Shopping Centre currently has a gross floor area (GFA) of 25,123 sq ft.
But due to its plot ratio of 3.0, the successful buyer can intensify its use to a maximum permissible GFA of 46,643 sq ft. This means the owners’ asking price works out to around S$1,390 psf to S$1,500 psf.
Aside from being located along the main road, the development is about one-kilometre from Serangoon MRT station and Nex shopping mall. It is also close to restaurants and small shops.
“The Upper Serangoon/Hougang precinct is a potential growth area… The space can potentially be redeveloped into a medical centre, since there is no large hospital within the vicinity,” said Anne Loh, executive director at Strata AMC, the agency hired by the owners to assist in the deal.
Earlier, ZACD Group executive director Nicholas Mak thought that the appetite for en bloc sites would cool a bit, particularly for those that need to be topped up to their full 99-year lease, following the hike in development charge (DC) rates announced in August.
“Yet, we see that this has not tapered demand; the en bloc momentum is continuing. This property may fall below the radar of medium-sized to large developers as its scale may not fit their portfolio or image, but it may work in the favour of smaller developers.”
Photo: Google Maps
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
CapitaLand Retail China Trust sells Beijing mall
Far East Hospitality targets three to four new hotels in S’pore