One of the largest freehold, residential redevelopment sites with 300m frontage
SINGAPORE – Knight Frank Singapore, the exclusive marketing agent representing the owners of Goodluck Garden via their collective sale committee, is pleased to announce the commencement of the tender for the sale of Goodluck Garden, a freehold residential redevelopment
site along Toh Tuck Road.
Goodluck Garden is a condominium comprising eight blocks, made up of 208 residential units and 2 commercial shops. The apartment sizes range from 95 sq m to 182 sq m, with the two shops sized 30 sq m and 91 sq m respectively.
The development has a site area of 33,457.2 sq m (approx. 360,130 sq ft) and is slightly elevated with a frontage of approximately 300 metres onto Toh Tuck Road.
Under the 2014 Master Plan, the site is zoned “Residential” with a Gross Plot Ratio (GPR) of 1.4. This translates to a maximum Gross Floor Area (GFA) of approximately 504,182 sq ft, and based on average size of 753 sq ft, can potentially yield 669 new units in the new development.
Goodluck Garden is nestled within a private residential enclave, surrounded by landed homes and private condominiums, including The Beverly, Nottinghill Suites, The Creek @ Bukit and soon-to-be-launched Daintree Residences.
It is a few minutes’ walk away from Beauty World MRT Station, as well as a wide array of amenities along Upper Bukit Timah Road, including Beauty World Centre and Bukit Timah Plaza. The site is approximately a 5-minute drive to the Jurong Lake District and a 25-minute drive to the Central Business District.
Popular schools in the vicinity include Pei Hwa Presbyterian Primary School and Bukit Timah Primary School, which are within 1 km from the development. Other primary schools within 2 km from Goodluck Garden include Methodist Girls’ School (Primary), Bukit View Primary School and Keming Primary School.
Other established tertiary institutions including Ngee Ann Polytechnic and the Singapore University of Social Science (SUSS) are also within good proximity to the site.
“This presents a rare opportunity to acquire one of the largest freehold, residential redevelopment sites within walking distance to an MRT station,” says Mr Ian Loh, Executive Director and Head of Investment and Capital Markets, Knight Frank Singapore.
“The owners are expecting offers above their reserve price of S$550 million. Including an additional estimated development charge of approximately S$63.2 million (subject to verification and confirmation with the relevant authorities on the development baseline) payable for the intensification of the site to the maximum GFA, this translates to a land rate of approximately $1,216 psf ppr.”