BBR buys Goodrich Park site for $86mln

9,076.9 sq m site can be developed into a 5-storey condominium comprising about 120 units.

Mainboard-listed BBR Holdings Ltd (BBR) has entered into a Sale & Purchase Agreement to acquire a plot of freehold land at 2A/B/C/D Simon Lane for S$86 million. The Group aims to develop a low-rise condominium project on the 9,076.9 sq m (97,703 sq ft) site which currently houses Goodrich Park Condominium, according to a BBR announcement.

Under the URA 2008 Master Plan, the site is zoned for residential development with an allowable height of up to 5 storeys and a Gross Plot Ratio of 1.4. Based on a plot ratio of 1.4, the cost of the land works out to about S$629 per sq ft per plot ratio. By including an additional 10% of balcony Gross Floor Area, the cost will be about S$572 per sq ft per plot ratio. Development charges are not payable for the redevelopment of this site.

The site, currently occupied by 4 blocks of 4-storey walk-up apartments comprising 52 units, can potentially be developed into a 5-storey condominium comprising about 120 units of around 1,200 sq ft each. The development project is targeted to be launched sometime in end-2011. Purchase of this site will be funded by the Group’s internal resources and bank borrowings.

The collective sale was handled by property consultant Credo Real Estate (Singapore) Pte Ltd. The architect for BBR’s latest project is LOOK Architects, who recently clinched the President’s Design Award Singapore 2009 – Designer of the Year and whose work includes DUET condominium at Holland Road and the Bishan Community Library.

BBR Group started in 1993 as a specialist engineering group and now has three core business activities, namely General Construction, Specialised Engineering and Property Development.

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