Icon is a 99 years leasehold development with a lease starting from 2002.
It received an Extension of Written Permission for Erection of New Building on 13 Dec 2004.
It received an Amendment to New Erection on 6 Nov 2007.
Hope this answers your question.
The building of this project takes time to happen, therefore 99 years lease commencement begins 2002, and construction took place over a period of time therefore the project is currently 14 years old (TOP 2007).
Hope it clears up your understanding.
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1) This is very common in the private market.
2) Developer has to acquire the land first, submit for the development plan and seek approval from URA.
3) Start building once approved received. It is not uncommon to take about 2.5 to 3 years to complete a building.
4) In order to received TOP, they will need to submit inspection checks to various departments. This will takes few months to complete if everything went smoothly.
5) Thus the date of completion is always a few years after land is acquired.
6) For this Icon, the lease started in 2002 and was only completed in 2007. Most properly because the site has construction difficulty compare to those building in outer-urban since this is located in a busy city area.
7) Moreover, there is digging of MRT tunnel and stations building during that few years, thus this is one of the main reasons why its TOP was delayed.
Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636, or email: email@example.com if more information is needed.
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