Goodluck Garden is finally going en bloc. So says the High Court.
Goodluck Garden proceeds with the collective sale of $610 million
The 210-unit Goodluck Garden was originally sold in March this year for $610 million. Some minority owners however raised objections which halted the sale and the dispute was brought before the courts.
The freehold condominium development built in the 1980s is situated in Toh Tuck Road at Upper Bukit Timah. It is well-poised with its proximity to the Beauty World MRT station along the Downtown line as well as a stream of educational institutions such as the Ngee Ann Polytechnic, Methodist Girls’ School, Hwa Chong Institution and National Junior College amongst many others.
The site does not fall under areas for which developers have to pay development charges, a regulation implemented recently. The land site was acquired by Chinese developer Qingjian Group
See more: Goodluck Garden Launched for Sale by Tender
Lower land price as development charge is not applicable
Due to a high development baseline, as confirmed by URA, there is no Development Charge for the 10% bonus balcony. This will, in turn, lower the land price to S$1,100 psf ppr.
Whether the dispute was merely due to lack of communication or misplaced priorities, the green light of the en bloc sale will no doubt bring good cheer for the owners of the 208 residential and 2 commercial units.
Each owner will stand to receive a gross sale price of approximately S$924,000 to S$3.51 million from the sale.
Now buyers can finally start looking forward to the new launch as the area has not seen many large land sales of late.