Goh & Goh Building up for collective sale
Several properties, including shophouses and a freehold development, were put on the market yesterday amid the gradually improving sentiment in the real estate market.
One is a mixed-use project - Goh & Goh Building in Upper Bukit Timah Road, which has been put up for collective sale with an asking price of at least $120 million.
The freehold four-storey development, which was built in the late 1980s, comprises seven apartments and seven shops.
More than 80 per cent of the building's owners have consented to what is a first attempt at a collective sale, marketing agent JLL said yesterday.
The site is next to the Beauty World MRT station.
"We expect Goh & Goh Building to appeal to developers looking to replenish their land bank in a strong growth area such as this - an established residential and commercial centre, yet with new amenities and future infrastructure being planned around it," said Mr Tan Hong Boon, regional director at JLL.
Mr Tan noted that some of the neighbouring land parcels have been earmarked for hotels, hospitals, residential and mixed-use developments.
If the collective sale goes through, each apartment owner will stand to pocket more than $6 million while shop owners could reap in excess of $10 million.
"The sum they will receive is more than double the current market value for their units," Mr Tan told The Straits Times.
Apart from the asking price, the prospective developer will also have to pay a state development charge estimated at around $15 million. - THE STRAITS TIMES