Freehold ICB Shopping Centre for sale for $60m

The Yio Chu Kang Road site is both for commercial and residential use.

CBRE launched the tender of ICB Shopping Centre, located at 6 – 14B Yio Chu Kang Road, for a reserve price of $60m or $1,401 psf ppr.

According to a press release, the freehold mixed use site has a wide road frontage of 30m on Yio Chu Kang Road. The site is also approximately 700m from Serangoon MRT Station, which is the Interchange station of the Circle and North-East lines.

The site area is approximately 15,547 sqft. Based on the Masterplan 2014 zoning, the use is commercial and residential with plot ratio 3.0.

There is also a development charge (DC) of approximately $5.37m payable to intensify the land use.

CBRE said, "100% of owners have consented to the reserve price. Therefore, the sale is not subject to Strata Titles Board approval. A developer will be able to capitalize on the positive sentiment of the market and turn around the project quickly."

The public tender for ICB Shopping Centre will close at 3 p.m. on 28 February 2018.