Goodluck Garden’s public tender has been successful, with Qingjian Group of Companies bidding highest to scoop the 210-unit condominium at S$610 million.
This is the 3rd highest collective sale of the year after Park West fetched a whopping S$841 million in January and Pearl Bank sold $728 million in February. Owners could pocket up to over S$3.5 million for each housing unit.
Not only that, owners of Goodluck Garden are collectively S$60 million richer, considering their asking price was just S$550 million. It is considered a great success.
Within this week, there are 3 en bloc sites sold including Goodluck Garden, Eunos Mansion in District 14 was sold $220 million, Toho Mansion near Holland Village sold at great price at $1,805 psf ppr.
The property on Toh Tuck Road sits on 360,139 sq ft and since its plot ratio is 1.4, it has gross floor area (GFA) of 504,182 sq ft. This reflects a land rate of about S$1,210 per square foot per plot ratio (psf ppr).
Qingjian is lucky there is no development charge to be paid because the site is in an area with a high development baseline. Consequently, the new development can still 554,600.7 sq ft of GFA, courtesy of the 10% bonus balcony area, and still lower the effective land rate to S$1,100 psf ppr.
By the time the public tender closed on Mar 7, out of the owners of 210 units at Goodluck Gardens had given their consent to sell en bloc. That percentage comprised 81.93% of owners by strata and 81.35% by share value.
Of the 210 property units, 208 are residential while two are commercial shops, with sizes ranging from 1,022.6 sq ft– 1,959 sq ft and 323 sq ft– 979.5 sq ft respectively.
Ian Loh, Knight Frank Singapore’s executive director and head of investment has disclosed how highly sought after the property was.
Without disclosing the number of bids submitted for the tender, he said the sale attracted very competitive bids, which he partly attributed to the fact the developer would not have to pay any development charges that seem to be escalating.
Goodluck Garden, which is only a few minutes’ walk to the Beauty World MRT station, has succeeded in its very first sales attempt. In fact, it seems the whole process has been easy for the property owners as the journey from the first signing to give consent to the sealing of the deal with Qingjian has only taken 6mths.
This is a win-win situation. As Goodluck Gardens smile their way to the bank, Qingjian gets a chance to construct units three times the original number and reap well in the prevailing vibrant market.
When the tender was first announced, Knight Frank, a well-known marketing agent, predicted the new developer could construct up to 669 units of 753 sq ft average size.
One of the Best Freehold en bloc site offer in the collective sale market which is near to Jurong Lake District.
The location of Goodluck Garden is great with numerous amenities close by. Many malls and schools are found within beside connectivity is never a problem with MRT station and several buses provided in the area.
- Goodluck Gardens is a good freehold potential site which can build up to 669 new launch units
- Beauty World MRT is the nearest station which can be reach within 10 mins walk
- Most schools are only walking distance away such as Bukit Timah Primary, Keming Primary and Pei Hwa Presbyterian. Others Schools located in the vicinity namely Singapore Institute IT Management, Canadian International and Ngee Ann Poly
- Many malls are found within the freehold site, they are beauty World Centre, Bukit Timah Plaza and Bukit Timah Shopping centre. NTUC, Giant are located there also. These are made easier for the residents for their daily needs.
- The 2nd CBD is under development, it will become more bustling than the one near Marina Bay
- Since there are many commercial office, malls, retails and new exciting amenities going to be developed in Jurong Lake District, expats will be looking for new launch units particularly in this area
- Numerous restaurants and eateries are located within walking distance from the freehold site, that includes Bukit Timah Market and Food Centre
- Bukit Timah nature Reserve and Bukit Batok nature Park are just short drive away
- It takes only 15 to 20 mins drive to reach Orchard Road Shopping District and Central Business District