Business

Eunos Mansion and ICB Shopping Centre up for collective sale

Two collective sales were launched for public tender yesterday, reflecting continued interest among property owners to sell en bloc.

Eunos Mansion, a freehold residential site at the corner of Jalan Eunos and Bedok Reservoir Road, has been put up for collective sale with a reserve price of $218 million. This translates to a land rate of $1,219 per square foot per plot ratio (psf ppr), said its marketing agent Cushman and Wakefield.

ICB Shopping Centre, a freehold mixed-use development in Yio Chu Kang Road, was launched with a reserve price of $60 million, which works out to about $1,401 psf ppr. This marks its second attempt at a collective sale, with newly appointed marketing agent CBRE.

There is a development charge of about $5.37 million payable to intensify the land use, CBRE said.

The tender for ICB Shopping Centre closes on Feb 28 while that for Eunos Mansion closes on March 7.

These tenders are coming on the back of last year's collective-sale revival that saw 28 residential sites and three commercial or industrial sites sold for a total of $8.73 billion.

In 2016, only three residential sites were sold, for $1 billion.

Six collective sales launched last year have not concluded after tenders closed. The sites are Cairnhill Mansions, Pearlbank Apartments, Riviera Point, Casa Meyfort, Kovan Lodge and Cairnhill Heights.

- THE STRAITS TIMES

Property