Goodluck Garden sold to Qingjian for S$610m

Sat, Mar 10, 2018
UPDATED Mon, Mar 12, 2018

Lee Meixian

GOODLUCK Garden, a 210-unit residential development on Toh Tuck Road, has been sold collectively to the Qingjian Group of Companies for S$610 million.

This is the third largest en bloc deal to be awarded this year, after Park West's S$841 million transaction in January, and Pearl Bank Apartments' S$728 million transaction in February.

Based on a potential gross floor area of 46,840.08 sq m, the sale price translates to a land price of about S$1,210 per square foot per plot ratio (psf ppr). Due to a high development baseline, a development charge will not be payable for the 10 per cent bonus balcony and this will lower the land price to S$1,100 psf ppr.

As at the close of tender on March 7, owners of 169 out of the 210 units making up 81.93 per cent of the total strata area and 81.35 per cent of the total share value have consented to the collective sale.

Each owner will stand to receive a gross sale price of about S$924,000 to S$3.51 million upon the successful sale, subject to the receipt of an order of sale by the Strata Titles Board or High Court.

Goodluck Garden is a condominium comprising eight blocks with a total of 208 residential units and two commercial shops. The apartment sizes range from 95 sq m to 182 sq m, and the two shops are 30 sq m and 91 sq m. The development with a site area of 33,457.2 sq m is within minutes' walk from Beauty World MRT Station.

Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore, which marketed the project, said the tender drew ''strong competitive bids'' partly due to the fact that the site was not subjected to the rising development charge rates. He declined to divulge how many bids were submitted.

This was the development's first en-bloc attempt, and the process took only six months from the first signing to the conclusion of the sale - testament to the en-bloc momentum now in full swing in the property market.