210-unit Goodluck Garden sold en bloc for $610m

It lured high bids due to the absence of development charges.

Goodluck Garden, a 210-unit residential development located along Toh Tuck Road, has been sold en bloc to the Qingjian Group of Companies for $610m or $1,210 psf ppr, Knight Frank said.

According to a press release, the site has Gross Floor Area (GFA) of 46,840.08 sqm, “Due to a high development baseline as confirmed by URA, a Development Charge will not be payable for the 10% bonus balcony and this will lower the land price to $1,100 psf ppr.”

As of the close of tender, owners of 169 out of 210 units making up 81.93% of the total strata area and making up 81.35% of the total share value in Goodluck Garden have consented to the collective sale.

Each owner will stand to receive a gross sale price of approximately $924,000 to $3.51m upon the successful sale, subject to several conditions to be met, including 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 size ranges from 95 sqm to 182 sqm, and the two shops are 30 sqm and 91 sqm respectively. The development has a site area of 33,457.2 sqm (approx. 360,130 sq ft).

Knight Frank said it is slightly elevated with a frontage of approximately 300 metres onto Toh Tuck Road. "Nested in a coveted residential area, the development, which is within minutes’ walk from Beauty World MRT Station, is close to reputable schools and a wide variety of amenities."

Executive Director and Head of at Knight Frank Investment and Capital Markets executive director and head Ian Loh noted that because the site was not subjected to the rising development charge rates, the site attracted strong competitive bids. “The expansive grounds allows the developer to design creatively in this private residential enclave.”