Goodluck Garden sold to Qingjian for S$610m

GOODLUCK Garden, a 210-unit residential development along Toh Tuck Road, has been sold collectively to the Qingjian Group of Companies for S$610 million.

This is the second largest en bloc deal to be awarded this year, after Park West’s S$841 million transaction in January.

Based on a potential gross floor area of 46,840.08 sq m, the sale price translates to a land price of about S$1,210 per square foot per plot ratio (psf ppr).

Due to a high development baseline, a development charge will not be payable for the 10-per-cent bonus balcony and this will lower the land price to S$1,100 psf ppr

As at the close of tender on March 7, owners of 169 out of 210 units making up 81.93 per cent of the total strata area and 81.35 per cent of the total share value in Goodluck Garden have consented to the collective sale.