ICB Shopping Centre a mixed-use development in Yio Chu Kang Road is up for a collective sale after their owners gave consent last Friday 22/9/2017.

This is the first en bloc attempt by the 30 year old development. ICB Shopping Centre comprises of six apartment units (about 1,300 sq ft to 1,550 sq ft) and 13 retail units.The development’s owners are looking for a price of S$65 million to S$70 million. This translates to a price of about $1,300 per sq ft to $1,500 psf

The development will launch for tender after a 5 day cooling period from 22/9/2017 .

ICB Shopping centre sits on a freehold land with area of 15,548 sq ft. It has a current GFA of 25,123 sq ft. The current zoning allows a plot ratio of 3.0, commercial and residential mixed and it can be built to a maximum permissible GFA of 46,643 sq ft.

ICB Shopping Centre is near to NEX shopping mall and Serangoon MRT station(about 1 km), and is also near eateries and other small retail shopping areas.

The space can also be potentially redeveloped into a medical centre as there are no large hospitals nearby.

The quantum for the project is suited for small and mid-sized developers, most of whom have been crowded out of the en bloc deals in the market because of the high asking prices.

Sentiment for en bloc sales of 99-year leasehold projects is expected to cool a little, following the hike in development charge (DC) rates announced in late August. Developers also have to pay more for the topping up of lease to 99 years.

However, this has not reduced the demand for land. If this collective sale goes through, it will follow three other sales of mixed-use or commercial properties to be en bloc this year.

In May, a unit of BBR Holdings acquired Goh & Goh Building, a mixed-use property in Upper Bukit Timah Road, for S$101.5 million.

In July, a foreign developer bought Citimac, a freehold industrial complex near Tai Seng MRT station, for S$430.1 million.

In September, The Tabernacle Church and Missions Limited bought Elite Building, a freehold six-storey property near Aljunied MRT station, for S$52 million.