{"id":101704,"date":"2018-11-27T10:48:48","date_gmt":"2018-11-27T03:48:48","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/goodluck-garden-en-bloc-sale-finally-gets-green-light\/"},"modified":"2018-11-27T11:02:58","modified_gmt":"2018-11-27T04:02:58","slug":"goodluck-garden-en-bloc-sale-finally-gets-green-light","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/goodluck-garden-en-bloc-sale-finally-gets-green-light\/","title":{"rendered":"Goodluck Garden en bloc sale finally gets green light"},"content":{"rendered":"


\nThe freehold site off Upper Bukit Timah was sold collectively in March. (Photo: Knight Frank)
\nThe $610 million en bloc sale of Goodluck Garden to Qingjian Realty has finally received the green light after a sale order was granted by the High Court on Monday (26 Nov), reported the Business Times.
\nHowever, Justice Woo Bih Li criticised the freehold property\u2019s marketing agent, collective sale committee (CSC) as well as the CSC\u2019s lawyers for how they handled the collective sale.
\nMore: Developers\u2019 En Bloc Appetite Diminishing: RHB
\nThe Straits Times reported that seven minority owners, who were represented by TSMP Law Corporation\u2019s Adrian Tan, had objected to the sale of the 210-unit residential development.
\nIn rendering his decision on Monday, Justice Woo noted that the $542 million valuation by Colliers International of the property was not flawed, while the $637 million belated valuation by Asian Assets Allianz, on which the objectors relied, was.
\nThe fact that two members of the CSC had relatives that owned units in Goodluck Garden did not also amount to actual or potential conflict of interest, he said. There was also no suggestion that the apportionment of the property\u2019s sale proceeds was unfair, he added.
\nWith this, Justice Woo said there was no bad faith in Goodluck Garden\u2019s en bloc sale process.
\nNonetheless, he said that the tender should have been extended by at least one week by the CSC to provide more time to inform bidders. The owners should have also been sought to decide the next steps after they found that no development charge (DC) was payable on the property. The CSC learned this from the authorities prior to the closing of the tender.
\nMarketing agent Knight Frank had previously given homeowners various DC estimates, with $63.19 million being the highest, and launched the tender even before getting the Urban Redevelopment Authority\u2019s (URA) response on the actual amount of DC.
\nMeanwhile, the collective sale agreement\u2019s (CSA) terms and conditions as well as the apportionment of the sale proceeds should have also been approved through \u201covert means\u201d such as voting at a general meeting of the management corporation, said Justice Woo.
\nLawyers Rajah & Tann advised the CSC that it was enough for the owners who agreed with the terms to sign the CSA after the meeting.
\nMonday\u2019s hearing was attended by around 50 people.
\nMore:\u00a0Understanding The En Bloc Process (August 2018)
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Goodluck Garden en bloc sale finally gets green light<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The freehold site off Upper Bukit Timah was sold collectively in March. (Photo: Knight Frank)...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-101704","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qso","jetpack-related-posts":[{"id":78035,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/goodluck-garden-up-for-en-bloc-sale-owners-expect-offers-above-550mil\/","url_meta":{"origin":101704,"position":0},"title":"Goodluck Garden up for en bloc sale, owners expect offers above $550mil","date":"January 26, 2018","format":false,"excerpt":"\r Goodluck Garden, a freehold condominium site along Toh Tuck Road, has been put up for collective sale, with the owners expecting offers above their $550 million reserve price, revealed marketing agent Knight Frank Singapore. \u201cIncluding an additional estimated development charge of approximately $63.2 million (subject to verification and confirmation\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":82336,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/goodluck-garden-sold-to-qingjian-for-610m\/","url_meta":{"origin":101704,"position":1},"title":"Goodluck Garden sold to Qingjian for $610m","date":"March 9, 2018","format":false,"excerpt":"\r The freehold site off Upper Bukit Timah is close to Beauty World MRT station. (Photo: Knight Frank) Goodluck Garden, a 210-unit freehold condominium along Toh Tuck Road, has been sold through a collective sale to Chinese developer Qingjian Group for $610 million, which is about 10 percent above the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103661,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tulip-garden-collective-sale-successfully-completed\/","url_meta":{"origin":101704,"position":2},"title":"Tulip Garden collective sale successfully completed","date":"February 4, 2019","format":false,"excerpt":"\r The freehold development along Farrer Road was sold for a whopping $906.9 million in 2018. (Photo: Colliers International) The $906.9 million sale of Tulip Garden to Asia Radiant was successfully completed on 31 January 2019, revealed Colliers International. Asia Radiant is jointly held by property developers Yanlord Land Group\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98050,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-freehold-condos-in-district-9-up-for-en-bloc-sale-again\/","url_meta":{"origin":101704,"position":3},"title":"Two freehold condos in District 9 up for en bloc sale again","date":"September 18, 2018","format":false,"excerpt":"\r Located near Orchard Road, Grange Heights is making a second attempt at a collective sale. (Photo: Colliers International) Undeterred by the government\u2019s property cooling measures, two freehold condos in District 9 near the Orchard Road shopping district are making another try at an en bloc sale. Grange Heights along\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120287,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-development-off-east-coast-to-go-en-bloc-via-auction\/","url_meta":{"origin":101704,"position":4},"title":"Freehold development off East Coast to go en bloc via auction","date":"February 10, 2021","format":false,"excerpt":"\r Freehold development off East Coast to go en bloc via auctionCollective sales via auction is a rarity in Singapore since most are done via tender. This will be the first since 1997. A three-storey apartment building off East Coast Road is set to be put up for en bloc\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/02\/property-auction.jpg?fit=820%2C411&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":82699,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/minbu-villa-joins-en-bloc-frenzy-with-reserve-price-of-145-8m\/","url_meta":{"origin":101704,"position":5},"title":"Minbu Villa joins en bloc frenzy with reserve price of $145.8m","date":"March 14, 2018","format":false,"excerpt":"\r Completed in 1981, Minbu Villa comprises 33 apartments and a penthouse. (Photo: Savills Singapore) Minbu Villa, a 10-storey freehold residential development in Novena, has been launched for collective sale, said marketing agent Savills on Wednesday (14 Mar). The reserve price of $145.8 million works out to a land rate\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/101704"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=101704"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/101704\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=101704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=101704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=101704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}