Nicon Gardens' collective sale tender to be launched at S$110m

NICON Gardens, a 99-year leasehold strata landed development located at Choa Chu Kang Road, will be launched for collective sale this Thursday, with owners expecting at least S$110 million.

Its appointed marketing agent ERA Realty said that the collective sales committee is expecting strong interest from developers as there has not been any government land sales for landed housing in Singapore over the past few years, especially in the vicinity.

The development currently consists of 47 units of townhouses, with each unit expected to yield sale proceeds of S$2.3 million based on the reserve price.

The site, which has 62 years left on its lease, sits on an elevated land with a site area of close to 164,470 sq ft, and is zoned 3-storey semi-detached landed housing under Master Plan 2014.

Potential developers can develop about 50 to 68 strata landed units on the site, subject to URA's planning approval, ERA Realty said.

Including the development charge and the lease top-up premium, the land rate is estimated to be S$760 to S$800 per square foot per plot ratio, it added.

It is located within five minutes walk to Phoenix LRT Station and is within walking distance from the Downtown Line's Bukit Panjang MRT Station.

There are also nearby supermarkets and shopping centres such as the new Hillion Mall, Bukit Panjang Plaza, Ten Mile Junction and Teck Whye Shopping Centre.

The public tender will close on Apr 18 at 3pm.