The owners of ICB Shopping Centre had given their consent for a collective sale on September 22. It has an indicative price of $65 million to $70 million, according to Strata AMC, the agency handling the deal.

Completed more than three decades ago, ICB Shopping Centre is located on Yio Chu Kang Road and about 1 km from Nex shopping mall and Serangoon MRT station. The mixed-use development comprises six apartment units of between 1,324 sq ft and 1,550 sq ft, and 13 retail units.

The development sits on a freehold 15,548 sq ft plot with a current gross floor area (GFA) of 25,123 sq ft. It has a plot ratio of 3.0 and can be developed to a maximum permissible GFA of 46,643 sq ft. Based on its GFA, the asking price range translates to of about $1,390 psf to $1,500 psf.