Goh & Goh building up for sale

Tender exercise to run until March 28, 2017.

Jones Lang LaSalle (JLL) has launched a tender exercise for the collective sale of the Goh & Goh Building next to the Beauty World MRT station.

This is the first time the building has been put up for sale since its construction in the 1980s. The four-storey building is comprised of seven apartments and seven shops, with a floor area of 30,784-square feet.

More than 80 percent of the buildings’ owners have already agreed to the collective sale, and are hoping to achieve a sale price of more than $120 million. This translates to approximately $1,460 per square foot per plot ratio (psf ppr) on the potential gross floor area.

“We expect Goh & Goh Building to appeal to developers looking for as strong growth area—some of the neighboring land parcels have been earmarked for new hotels, hospitals, residential, and mix-used developments,” said Tan Hong Boon, Regional Director at JLL. He added that the building is particularly popular among families and tertiary students from nearby schools, such as the National University of Singapore, Ngee Ann Polytechnic, Singapore Polytechnic, and SIM University.

Depending on the proposed design and configuration, Tan said a developer is expected to be able to accommodate close to 100 residential units with an average size of 70 square meters. “The site of Goh & Goh Building has an excellent 60-meter frontage onto the main road, ideal for shops and F&B outlets,” he added.