Goodluck Garden sold to Qingjian Group for S$610 million

SINGAPORE – Knight Frank is pleased to announce that Goodluck Garden, a 210-unit residential development located along Toh Tuck Road, has been sold collectively to the Qingjian Group of Companies for S$610 million. 

Goodluck Garden. Picture: Knight Frank

Based on a potential Gross Floor Area (GFA) of 46,840.08 sq m, the sale price translates to a land price of approximately S$1,210 per square foot per plot ratio (psf ppr). 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 S$1,100 psf ppr.

Over 80% of the owners consented to the en bloc sale four months from the first signature on 9 September 2017. A public tender was then launched on 26 January 2018 and closed on 7 March 2018. 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 S$924,000 to S$3.51 million 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 2 commercial shops. The apartment size ranges from 95 sq m to 182 sq m, and the two shops are 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). 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 wide variety of amenities.

Mr Ian Loh, Executive Director and Head of Investment and Capital Markets at Knight Frank Singapore, says, “With the site 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.

Mr Lim Hun Joo, Chairman of the Collective Sale Committee of Goodluck Garden, comments, “We have been fortunate to be able to catch the collective sale wave and launched the project for sale at the right time. From the first signing to conclusion of the sale, we took only 6 months to achieve this success at the first attempt in a collective sale. We appreciate the help rendered by both Knight Frank and Rajah & Tann who have provided strong support along the way, as well as the supporters who made it possible.”

This is the sixth collective sale site Knight Frank has sold since the sale of One Tree Hill Gardens which kick-started the collective sales frenzy 11 months ago. Knight Frank has since transacted S$2.4 billion worth of collective sale sites. Knight Frank also recently launched Windy Heights, a freehold residential site located in the Kembangan area, for $806.2 million for sale by tender.