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News Release

Singapore

Goh & Goh building up for collective sale

Tender launched for prominent mixed-use redevelopment site next to Beauty World MRT station


​​​​​​​​Singapore, 28 February 2017 JLL is launching a tender exercise for a mixed-use collective sale site in the Beauty World vicinity – Goh & Goh Building at Upper Bukit Timah Road. This is the first time that the property has been put up for sale.

Built in the late 1980's, Goh & Goh Building is a four-storey development comprising seven apartments and seven shops. More than 80 per cent of the development's owners have consented to the collective sale.

Located along the same stretch as Bukit Timah Shopping Centre, Beauty World Centre, the numerous food and beverage establishments at Cheong Chin Nam Road and the conserved shophouses at Chun Tin Road, the Beauty World area is a popular shopping and dining enclave with an old-world charm.

Under the 2014 Master Plan, the 30,874 sq ft site is zoned 'Residential with Commercial on the first storey' with an allowable gross plot ratio of 3.0.

"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. Some of the neighbouring land parcels have been earmarked for new hotels, hospitals, residential and mixed-use developments. When developed, these are expected to bring about a renewed vibrancy to the area", says Mr Tan Hong Boon, Regional Director at JLL.

Mr Tan says, "This location is popular among local residents and families as well as many tertiary students from the nearby institutions, such as Ngee Ann Polytechnic, Singapore Polytechnic, SIM University and the National University of Singapore, who appreciate the ready amenities, the proximity to established schools, and the greenery of the Bukit Timah Nature Reserve and the pipeline redevelopment of the Rail Corridor. Accessibility to the area has been significantly improved since the Downtown Line was completed. The recently opened Beauty World MRT Station is practically on Goh & Goh's doorstep, and an extensive walkway now links the MRT station with the neighbouring buildings, creating a pleasant and pedestrian-friendly environment".

"The site of Goh & Goh Building has an excellent 60-metre frontage onto the main road, ideal for shops and F&B outlets. Depending on the proposed design and configuration, a developer is expected to be able to accommodate close to 100 residential units with an average size of 70 sqm on the site, in addition to the shops on the ground level."

Mr Tan adds: "Unlike other locations island-wide where there have been concerns of a potential oversupply of new apartments, the Beauty World area is one location where very few land parcels have been made available for sale and redevelopment".

"To our knowledge, no known sites have been sold for private apartment developments in the immediate vicinity in recent years. According to our records, the last such site in this area that was transacted was at Jalan Jurong Kechil in November 2012, which was sold under the Urban Redevelopment Authority's (URA) Government Land Sale Programme on a 60-year tenure".

"The owners are hoping to achieve a sale price in excess of $120 million, which translates to a land rate of approximately $1,460 per square foot per plot ratio (psf ppr) on the potential gross floor area, before factoring in the 10 per cent bonus balcony gross floor area for the residential component. The land rate includes a development charge payable to the State upon redevelopment, currently estimated to be in the region of $15 million," says Mr Tan.

He adds: "The vendors have had preliminary discussions with the relevant authorities over a potential amalgamation and reconfiguration of their site with some adjoining State land parcels, which would lead to an increased site area. As they have not sought formal approval on this, the successful developer may wish to take this up with the authorities after acquiring the site".

The tender exercise for Goh & Goh Building closes on Tuesday, 28 March 2017 at 2.30 p.m.

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Note to editors:

A high resolution image of Goh & Goh is available here