This week in property: Highlights from Nov 26 to Nov 30

By Rachael Tan / EdgeProp | November 30, 2018 3:35 PM SGT
Property highlights of the week from Nov 26 to Nov 30:
Goodluck Garden was sold en bloc to Qingjian Realty as it had submitted the highest bid at the close of the tender in March (Photo Credit: Knight Frank)
The collective sale of Goodluck Garden received the go-ahead at the High Court on Monday, Nov 26. The 210-unit freehold Goodluck Garden on Toh Tuck Road was sold en bloc to Qingjian Realty, which submitted the highest bid of $610 million at the close of the tender in March this year. In April, Perennial Real Estate Holdings became a co-developer with a 40% stake in the joint venture with Qingjian.
The court was informed to obtain an order by Nov 26, failing which the purchaser who has entered into a sale and purchase agreement to buy the property “may treat it as rescinded”. Hence, the oral judgement was rendered first.
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Golden Wall Centre is located at the doorstep of Rochor MRT station on the Downtown Line
The freehold Golden Wall Centre has been sold en bloc at $276.2 million, reflecting a land rate of $2,331 psf per plot ratio. The prime commercial property was purchased by City View Holdings, a wholly owned subsidiary of Worldwide Hotels. Worldwide Hotels’ portfolio includes the Hotel 81 chains. The sale was brokered by Edmund Tie & Company (ET&Co).
Golden Wall Centre has a land area of about 24,239 sq ft, and is zoned for commercial use under the 2014 Master Plan. An outline application for hotel use at the existing approved gross floor area of about 118,489 sq ft, reflecting equivalent plot ratio of 4.88, was approved by the URA.
Beauty World Plaza (Credit: Knight Frank Singapore)
Knight Frank Singapore has launched two redevelopment sites - Beauty World Plaza, and a landed residential site on Upper East Coast Road - for sale, at guide prices of $165 million and $18 million respectively.
Beauty World Plaza is zoned for commercial and residential use, with a gross plot ratio of 3.0. It occupies 24,817 sq ft of land. With no development charge payable, the land rate works out to be $2,189 psf per plot ratio (psf ppr).
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Currently, the development consists of a single block with 61 retail and 30 residential units. It enjoys full sheltered access to Beauty World MRT station, and is a five-minute walk to Bukit Timah Market.
Exterior of the 190-unit Setsu Niseko, designed by Singapore architect, Mok Wei Wei of W Architects in collaboration with Japanese architects Field Four and Kume Sekke (Picture Credit: SC Global Developments)
On Nov 29, Singapore-based luxury developer SC Global Developments launched its latest residential offering, the 190-unit Setsu Niseko luxury hotel residence in Niseko, located in the northern perfecture of Hokkaido, Japan. Niseko, famous for its powder-like snow has three major ski resorts on Mount Niseko-Annupuri — Grand Hirafu, Niseko Village and Annupuri, which cover most of the southeastern half of the mountain.
Simon Cheong, founder and chairman of SC Global Developments, identified the 2.54-acre, prime freehold site within the village of Grand Hirafu, and purchased it in 2015. Cheong declined to disclose his purchase price, except to say that he bought it from “a charming Japanese lady in her 80s” who owns the site behind it as well. “She wanted to sell to a credible developer who would do justice to the site, as it was handed to her by her husband,” he says.
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