Nicon Gardens up for collective sale at minimum of $110m

Nicon Gardens a 99-years leasehold development located at 61 – 71G Choa Chu Kang Road will be launched for collective sale on 8 March 2018 (Thursday), said marketing agent ERA Realty. The property consisting of 47 townhouse units and completed in 1981, has 62 years left on its lease.

Nicon Gardens is zoned for three-storey semi-detached landed housing under the Master Plan 2014 and is situated on elevated land with 164,469.61 sq ft. Potential developers can build about 50 to 68 three-storey strata semi-detached houses on the site, subject to URA’s planning approval.

“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.

Are you prepared to cross the many hurdles of en bloc sales?

With more than 80 percent of the owners consenting to the collective sale at the minimum of $110 million, each owner is expected to receive about $2.3 million if the sale goes through. This works out to around $669 psf on the land area. The tender exercise will close on 18 April.

Nicon Gardens is close to Bukit Batok Nature Park and Bukit Timah Nature Reserve. Several bus services are available just outside Nicon Gardens. It is also close to several schools like Bukit Panjang Government High School, West View Primary School, and Teck Whye Secondary School.

Residents can get their daily necessities and more at the neighbouring estate’s supermarkets or shopping centres such as Bukit Panjang Plaza and Ten Mile Junction. Recreational facilities nearby include the Bukit Batok Golf Range.

For vehicle owners, the business hub is a 25 minutes drive along Ayer Rajah Expressway (AYE), whereas the Orchard Road shopping belt is a 20 minutes drive along Pan Island Expressway (PIE).

We had earlier said that the Government’s development charge rate hike is unlikely to dampen the enthusiasm for en bloc collective sales. We reported that the new measures will not dampen the current en bloc sales fever as developers have built up a huge war chest of capital over the past few years.

Highest DC rate hike for residential properties unlikely to dampen en bloc fever

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