Stop order issued for Goodluck Garden collective sale
THE collective sale of Goodluck Garden has been met with a stop order by the Strata Titles Board, the first this year to run into such a roadblock, after a group of seven minority owners objected.
The stop order came after two rounds of mediation, BT understands. The collective sale committee will have 14 days to apply to the High Court to seek approval for the sale, and if they do, it is believed that a hearing could happen in August or September.
The 210-unit residential development with a gross floor area of 46,840.08 square metres along Toh Tuck Road was sold to the Qingjian Group of Companies for S$610 million.
Goodluck Garden, which is within minutes' walk from Beauty World MRT Station, comprised eight blocks with a total of 208 residential units and two commercial shops.
Each owner stood to receive gross proceeds of S$924,000 to S$3.51 million upon a successful sale of the apartments, ranging in size from 95 sq m to 182 sq m, and the two shops of 30 sq m and 91 sq m.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Singapore office rents in central region fall 1.7 per cent in Q1 after rising for 9 quarters
Singapore retail rents slip 0.4% in Q1 as vacancy rates creep up
Country Garden plans to present debt revamp plan in H2, sources say
Hong Kong home prices rise for first time in 11 months after curbs scrapped
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand
Private home prices ease to 1.4% rise in Q1; rents fall a further 1.9%