ICB Shopping Centre to be sold collectively

ICB Shopping Centre in Yio Chu Kang Road will be sold collectively, following the owners giving their consent.

It is the first en-bloc attempt by the development, which is more than 30 years old. It comprises six apartment and 13 retail units, most of which offer scrambled merchandising.

The development’s residential and commercial owners are seeking a price of S$65 million (US$47.9 million) to $70 million, says Strata AMC, the agency helping with the deal.

The owners’ consent is subject to a five-day cooling period, after which the development will launch for tender.

On a freehold plot with a land area of 15,548sqft (1444sqm), it has a current GFA of 25,123sqft, but with a plot ratio of 3.0 can be built to a maximum permissible GFA of 46,643sqft, the agency says.

ICB Shopping Centre is about 1km from Nex shopping mall and Serangoon MRT station, and is near eateries and other small retail shopping areas.

If this collective sale goes through, it will follow three other sales of mixed-use or commercial properties this year.

Photo: Google Earth

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