Nicon Gardens, a 99-year leasehold development on Choa Chu Kang Road in Singapore, will be placed on the market for an en bloc sale March 8 at a reserve price tag of S$110 million, The (Singapore) Business Times reported.
The asset contains 47 townhouses, and each unit is estimated to generate S$2.3 million in sale proceeds.
The approximately 164,470-square-foot site, with 62 years remaining on its lease, is zoned for a three-story landed housing under the city-state's 2014 master plan and could yield about 50 to 68 strata landed units, subject to planning approval from Singapore's Urban Redevelopment Authority, the March 5 report noted, citing ERA Realty, the asset's marketing agent.
The land rate is estimated to be S$760 to S$800 per square foot per plot ratio, including the development costs and the lease top-up premium, the publication added.
The public tender for the asset will close April 18 at 3 p.m., local time.
As of March 5, US$1 was equivalent to S$1.32.
