SINGAPORE – Nicon Garden, a 99 years leasehold strata landed development located at 61 – 71G Choa Chu Kang Road Singapore 689388 will be up for collective sale.
ERA Realty Network is the appointed marketing agent for the collective sale. The site will be launched for tender on 8th March 2018 and closes on 18th April 2018, 3pm.
The development has 62 years left on its lease. It sits on an elevated land with a site area of 164,469.61 sq ft, and is zoned 3-Storey Semi-Detached Landed housing as indicated in Urban Redevelopment Authority’s (URA) Master Plan 2014. The development consists of 47 units of townhouses.
The Sale Committee confirmed that they have achieved more than 80% of the subsidiary proprietors of Nicon Gardens by share value and strata area. The owners are expecting a minimum of S$110 million. Each unit is expected to receive sale proceeds of about S$2.3 million from the collective sale of Nicon Gardens.
The potential developers can develop about 50 – 68 units strata housing of 3-storey semi-detached units in 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.
Nicon Gardens is located within 5 minutes walk to Phoenix LRT Station (BP5), and very near Ten Mile Junction LRT Station (BP14) as well as the new Downtown Line Bukit Panjang MRT Station (DT1). It is also well-connected to major expressways (BKE, AYE, SLE & PIE). These would enhance the site and appeal to home purchasers & investors.
There are many schools & educational institutions located nearby the site too, including West View Primary School, Teck Whye Primary/Secondary School, Zhenghua Primary School, Bukit Panjang Government High School, as well as international schools such as St Francis Methodist School, German European School Singapore, and Hollandse School.
The Nicon Gardens’ site also enjoys the convenience of many amenities and facilities within the region. Residents can get their daily necessities at the neighbouring estate’s supermarkets and shopping centres such as the new Hillion Mall, Bukit Panjang Plaza, Ten Mile Junction, and Teck Whye Shopping Centre. Recreational facilities nearby include Senja-Cashew Swimming Complex, Bukit Batok Golf Range, Bukit Batok Nature Park and Bukit Timah nature Reserve.
Article contributed by ERA.