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.

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.