Qingjian Group of Cos. and Fragrance Group Ltd. separately secured the rights to purchase the Goodluck Garden and the Eunos Mansion residential developments in Singapore after placing the winning bids of approximately S$610 million and S$220.0 million, respectively.
Chinese construction group Qingjian's bid for the 46,840.08-square-meter Goodluck Garden condominium site at Toh Tuck Road is expected to deliver an estimated profit of between S$924,000 and S$3.5 million to each of the owners of the 210-unit property, according to The (Singapore) Business Times.
The March 10 report noted that the en bloc sale of Goodluck Garden is the second largest deal of its kind to be awarded in 2018 in Singapore behind the S$840.9 million divestment in January of the Park West development at 2-20 Jalan Lempeng to a joint venture of SingHaiyi Group Ltd.
Separately, Fragrance Group's Fragrance Treasures Pte. Ltd. subsidiary entered into an agreement to buy the Eunos Mansion property at 205 Jalan Eunos for about S$220.0 million, slightly higher to the S$218 million reserve price attached to the property when it was launched for en bloc sale in January.
Eunos Mansion is a freehold residential site with an area of about 111,735 square feet and a 1.6 plot ratio. The property that includes an 11-story building comprising 107 apartment units can be redeveloped into a project with a gross floor area of 196,654 square feet.
Both transactions are subject to the procurement of necessary approvals from the Strata Titles Board or the High Court of Singapore.
As of March 9, US$1 was equivalent to S$1.32.
