Each owner is expected to receive about $2.3 million from a successful sale. (Photo: ERA Realty)
Nicon Gardens, a strata landed development along Choa Chu Kang Road in District 23, will be launched for collective sale this Thursday (8 Mar), said marketing agent ERA Realty.
Completed in 1981, the property consists of 47 townhouse units and has 62 years left on its 99-year lease.
More than 80 percent of the owners consented to the sale and they are expecting a minimum of $110 million, which works out to around $669 psf on the land area.
Each owner is expected to receive about $2.3 million if the sale goes through.
Situated on elevated land, the 164,469.61 sq ft site is zoned for three-storey semi-detached landed housing under the Master Plan 2014.
“The sale committee is expecting strong interest from developers as there wasn’t any Government Land Sale for landed housing in Singapore over the past few years, especially in the vicinity,” said ERA.
Potential developers can build about 50 to 68 three-storey strata semi-detached houses on the site, subject to URA’s planning approval.
Nicon Gardens is located within walking distance from Phoenix LRT station and is close to Bukit Panjang MRT station on the Downtown Line. Various schools as well as shopping malls such as the new Hillion Mall, Bukit Panjang Plaza and Ten Mile Junction are also nearby.
The tender exercise will close on 18 April.
Check out more properties for sale in western Singapore.