The freehold site off Upper Bukit Timah is close to Beauty World MRT station. (Photo: Knight Frank)
Perennial Real Estate Holdings has formed a 40-60 joint venture with China-based Qingjian Group to jointly redevelop the Goodluck Garden residential site at Toh Tuck Road off Upper Bukit Timah. This marks Perennial’s maiden foray into purely residential development.
The 210-unit condominium was sold collectively for $610 million in March. Completed in 1984, it is close to Beauty World MRT station, shopping malls and the upcoming Jurong Lake District.
With a land area of approximately 360,130 sq ft, the freehold site is zoned residential under the 2014 Master Plan with a gross plot ratio of 1.4. It has a maximum permissible gross floor area (GFA) of about 504,182 sq ft.
In an SGX filing on Wednesday (4 Apr), Perennial noted that the acquisition price works out to a land rate of about $1,210 psf per plot ratio (psf ppr).
Given the site’s high development baseline, no development charge is payable for the additional 10 percent bonus balcony GFA, hence, the land price works out to a lower $1,100 psf ppr.
“We are pleased to collaborate with Qingjian Group, one of the leading developers in Singapore with a strong track record in residential real estate, construction and lifestyle smart home applications,” said Perennial CEO Pua Seck Guan.
He added that the relatively large site with “excellent transport connectivity in prime District 21 provides significant room for the creation of a development with comprehensive offerings and long term investment value”.
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