Collective sale of ICB Shopping Centre in Serangoon for $60 mil

By
/ EdgeProp
|
January 22, 2018 7:59 PM SGT
ICB Shopping Centre, a freehold mixed-use development, has been put up for sale by public tender at a reserve price of $60 million, which translates to about $1,401 psf per plot ratio. According to exclusive marketing agent CBRE, a development charge of about $5.37 million is payable to intensify the land use. Since all the owners have given their consent, the sale does not need Strata Titled Board approval.
ICB Shopping Centre (credit: CBRE)
The property is situated on a 15,547 sq ft site, and is zoned for ‘Commercial and Residential’ use with a plot ratio of 3.0, based on the 2014 Master Plan. According to CBRE, the regularly shaped plot is about 50m in depth.
The property is located off Upper Serangoon Road, on Yio Chu Kang Road. It is served by the Serangoon MRT interchange on the Circle and North-East Lines.
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The tender will close on Feb 28.