100% owners’ consent obtained. No Strata Title Board application required.
Singapore, 22 January 2018 – CBRE is pleased to announce the launch of the public tender of ICB Shopping Centre, located at 6 – 14B (even numbers) Yio Chu Kang Road.
Situated off Upper Serangoon Road, the Site enjoys a prominent and wide road frontage of 30m on Yio Chu Kang Road. The Site is also approximately 700m from Serangoon MRT Station, which is the Interchange station of the Circle and North-East lines.
The site area is approximately 15,547 sq ft. Based on the Masterplan 2014 zoning, the use is “Commercial and Residential” with plot ratio 3.0. The regularly shaped plot is approximately 50m in depth, which facilitates flexibility in the planning of the new development.
The reserve price of the development is $60m, which works out to approximately $1,401 psf ppr. There is development charge of approximately $5.37m payable to intensify the land use.
100% of owners have consented to the reserve price. Therefore, the sale is not subject to Strata Titles Board approval. A developer will be able to capitalize on the positive sentiment of the market and turn around the project quickly.
The area is well served by a host of fitness, lifestyle and F&B amenities conveniently located within the neighbourhood. Popular eateries along Upper Serangoon Road and at NEX shopping centre and the Serangoon sports stadium and swimming complex are within a short walking distance.
Galven Tan, Director, Capital Markets, CBRE said, “The Serangoon area has been earmarked by the authorities for growth under the Masterplan 2014. The proposed Serangoon subregional centre is within close proximity, and the site will directly benefit from the enhanced amenities.”
“This rare opportunity to develop a mixed-use project is expected to attract interest from a diverse pool of potential buyers who are eager to participate in the growth of the area. The certainty of the deal with 100 per cent owners’ consent is another selling point.” Galven added.
The Public Tender for ICB Shopping Centre will close at 3pm on 28 February 2018.
CBRE is the exclusive marketing agent for ICB Shopping Centre.