Three freehold residential sites have just been sold – more signs that the collective market continues to thrive.
The biggest deal of the lot, Goodluck Garden along Toh Tuck Road, was sold to the Qingjian group for $610 million in a tender.
The 210-unit development has a site area of 360,130 square feet. The price works out to $1,210 per square foot per plot ratio (psf ppr).
Due to a high development baseline, no development charge will not be payable for the 10 per cent bonus balcony and this will lower the land price to $1,100 psf ppr.
Each owner stands to receive a gross sale price of between $924,000 and $3.51 million, said Knight Frank, which managed the deal.
Eunos Mansion in Bedok Reservoir Road and Jalan Eunos has gone for $220 million to a subsidiary of the Fragrance Group.
Marketing agent Cushman & Wakefield which brokered the deal said owners of the 105 units are expected to receive between $1.48 million and $2.19 million while the two penthouses will fetch $3.55 million and $4.7 million.
The sale price translates to a land rate of $1,118 psf ppr based on a site area of 111,735 square ft and a plot ratio of 1.6. There are no development charges payable as freehold Eunos Mansion has a high development baseline.
KBD Ventures, a unit of developer Koh Brothers, has snapped up Toho Mansion in Holland Road for $120.43 million, or around $1,805 psf ppr.
The freehold site of 47,659 sqft and a plot ratio of 1.4 can be redeveloped to a project with potential gross floor area of 73,396 sqft, including a 10 per cent bonus balcony area, Koh Brothers said yesterday.
It has a high development baseline with no development charge to redevelop the site, said marketing agent Edmund Tie & Company.
Toho Mansion is a walk-up complex with two four-storey residential blocks housing 32 apartments.
Koh Brothers managing director and chief executive Francis Koh said: “We are excited to have won this prime and rare freehold site that is in the heart of the vibrant Holland Village lifestyle enclave.
“We look forward to creating a fresh concept that will offer a seamless and integrated experience, with the great convenience and connectivity of this up-and-coming neighbourhood, which has been earmarked by the government for a highly-anticipated makeover and expansion.”
He added that the Toho Mansion site would be the third to be added to the company’s land bank.