Nicon Gardens up for collective sale at $110 million
By Bong Xin Ying
/ EdgeProp |
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Nicon Gardens, a 99 year leasehold strata landed development located at 61 to 71G Choa Chu Kang Road, will be launched for collective sale by tender on March 8, according to marketing agent ERA Realty Network. The owners are expecting a minimum of $110 million (about $800 psf per plot ratio).
The 164,470 sq ft site sits on elevated land. It is a zoned ‘3-storey Semi-Detached Landed Housing’ in the 2014 Master Plan, and has a balance lease of 62 years, says ERA.
According to ERA, the collective sale committee has obtained approval from more than 80% of the subsidiary proprietors of Nicon Gardens by share value and strata area. The development consists of 47 townhouses. Each owner is expected to receive proceeds of $2.3 million if the collective sale is successful.
The developer can redevelop the site into a project with total built-up area of approximately 209,898 sq ft, with 50 to 68 houses, subject to URA’s approval, says Stanley Koo, division director at ERA.
The tender exercise closes on April 18.
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