Nicon Gardens Condo which located at 61 Choa Chu Kang Road in District 23 has put up for Collective Sale.
The public tender opens on Mar 8 and is set to close on Apr 18, with the property asking price for the 47-unit condominium being S$110 million.
According to the property marketing agent, ERA Realty, the collective sales committee has high hopes the site will attract great interest from developers, because there has not been a similar offer within the district and its environs under the Government Land Sales (GLS) programme in the recent past.
Nicon Gardens, whose construction was completed in 1981, is on a 99-yr old lease.
The property, which is located on elevated land along Choa Chu Kang Road, sits on an expanse 164,470 sq ft, and ERA Realty says it has potential to hold between 50 to 68 strata landed housing units subject to approval from the Urban Redevelopment Authority (URA).
Also as per the 2014 Master Plan, the new developer could construct semi-detached 3-storey housing units.
The land rate for this property that is particularly well served by various bus services, the marketing agent adds, lies roughly between S$760 and S$800 per sq ft per plot ratio, and that is inclusive of the development charge as well as the lease top-up premium.