Goodluck Garden sold to Qingjian for $610m

The freehold site off Upper Bukit Timah is close to Beauty World MRT station. (Photo: Knight Frank)

UPDATED: Goodluck Garden, a 210-unit freehold condominium along Toh Tuck Road, has been sold through a collective sale to Chinese developer Qingjian Group for $610 million, which is about 10 percent above the $550 million reserve price.

The tender for the approximately 360,130 sq ft site was launched at the end of January and closed on 7 March. Based on the 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 1.4.

In a statement, Qingjian said the successful bid adds over 600 units to the group’s land bank and is a significant addition to its earlier collective purchase of Shunfu Ville.

Goodluck Garden comprises eight blocks of 208 apartments and two commercial shops. Apartment sizes range from 1,023 sq ft to 1,959 sq ft, and the shops measure 323 sq ft and 980 sq ft respectively.

The sale price translates to a land rate of approximately $1,210 psf per plot ratio (psf ppr) based on a potential gross floor area of 504,182 sq ft. Since there is no development charge payable for the 10 percent bonus balcony space, the land price works out to a lower $1,100 psf ppr.

Each owner could receive between $924,000 and $3.51 million if the sale goes through, subject to several conditions.

Completed in 1984, the development off Upper Bukit Timah is close to Beauty World MRT station and various schools.

“With the site not subjected to the rising development charge rates, the site attracted strong competitive bids,” said Ian Loh, executive director and head of investment and capital markets at Knight Frank which brokered the deal.

Lim Hun Joo, chairman of the collective sale committee, said: “We have been fortunate to be able to catch the collective sale wave and launched the project for sale at the right time.”

Knight Frank also recently launched Windy Heights in Kembangan for en bloc sale at a reserve price of $806.2 million.

Source: Property Guru

Author: Romesh Navaratnarajah

Date: 9 March 2018

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