Goodluck Garden up for collective sale at $550m reserve price
There appears to be no lack of projects looking to jump on the en-bloc sale bandwagon, even though more public tenders have closed without concluding a sale.
Goodluck Garden, a condominium development in Toh Tuck Road, has launched a tender with a reserve price of $550 million.
It is the fourth collective sale launch this week after Eunos Mansion, Makeway View and commercial property ICB Shopping Centre.
Announcing the public tender for Goodluck Garden yesterday, marketing agent Knight Frank said the freehold site could generate 669 new units based on its maximum gross floor area of 504,182 sq ft, assuming an average size of 753 sq ft, and gross plot ratio of 1.4.
The development comprises eight blocks of 208 residential units and two commercial shops.
Including an estimated development charge of $63.2 million payable for intensified use of the site, the land rate works out to $1,216 per square foot per plot ratio (psf ppr).
The tender will close on March 7.
A total of 27 residential and three commercial/industrial sites have been sold in collective sales for close to $8.7 billion last year, compared to $1 billion from three residential sites in 2016.
Since last month, six collective sale tenders have closed without concluding a sale.
Another two tenders closed yesterday.