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Stop order issued for Goodluck Garden collective sale

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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.

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.

sentifi.com

Market voices on:

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.