SINGAPORE – Goh & Goh Building next to Beauty World MRT station to a subsidiary of BBR Holdings for $101.5 million.
This was below what the owners had asked for – S$120 million – when the development was put up for sale in February.
BBR Holdings’ unit Alika Properties has exercised a call option to purchase the four-storey mixed-use development, the firm said in a stock exchange filing on Thursday (25 May).
Built in the late 1980’s, the freehold property at 110 to 122 Upper Bukit Timah Road comprises seven apartments and seven shops.
The site spans about 2,868.3 sq m (30,874 sq ft) with a plot ratio of 3.0. It is next to the Beauty World MRT station, and near Beauty World Centre and Bukit Timah Shopping Centre.
BBR Holdings said: “Subject to Alika’s payment of a development charge, the site can potentially yield about 100 residential units and a level of retail shops at the ground floor taking into account the permissible Gross Floor Area of 8,604.9 sq m (92,622 sq ft).”
The deal will be financed by a combination of bank borrowings, capital injections and/or shareholders’ loans by the existing shareholders of Alika.
The project was marketed by JLL.