BBR Holdings (S) Ltd made overwhelming news on the media with a call option last May 25, 2017.
The conglomerate acquired Goh & Goh Building, a four-storey property at Bukit Timah Road for a total amount of S$101.5 million.
The call option is from Allka Properties Pte Ltd, which is BBR Development Pte Ltd’s 62%-owned unit. With such acquisition, the parent company made the property its full ownership.
According to BBR Holdings, the site will be home to a series of retail shops located at the ground floor, while there will be hundreds of accommodations for residential use.
The gross permissible floor area of the site is 92,622 sq ft.
The strategic location of Goh & Goh Building is at the upper Bukit Timah Road and Jalan Jurong Kechil intersection. It benefits from the triple road façades along with the 60-meter frontage that explicitly extends onto the main road.
Plans for property development are dubbed as excellent openings that have brighter potentiality and prospect.
The building boasts of its conceptualized standpoints and features, gearing towards a modern residential development with top retail level visibility. The company acquired the property with optimistic expectations.
Aika Stockholders made capital injections and bank loans, resulting in the successful buyout process of Goh & Goh Building.
Mr. Tan Hong Boon, JLL regional director, addressed developers and reiterated the Goh & Goh Building’s replenishment of its land bank.
It will be possible through the establishment of a powerful center for residential and commercial purposes. The plans for the building design are complete with new infrastructure and amenities.
The JLL exec also considers other factors such as the nearby land parcels, claiming that these properties were prospects of numerous mixed-house developments, residential houses, new hotels, and hospitals.
Thus, the potentiality and prospect of Goh & Goh Building are topmost. He expected the property to flourish with renewed vibrancy following true development in the area.
Mr. Tan Hong Boon also supported the price, reiterating on the prime location of the property, which is quite preferable among tertiary students and local residents.
It is in close proximity to institutes including Singapore Polytechnic, National University of Singapore, SIM University, and so on.
Moreover, Goh & Goh Building is just steps away from the newly opened beauty world MRT Station.
There is an oversupply of lands or apartments with high salability, considering the island-wide zones.
There are also many facilities in the Beauty World Area. With this consideration, Mr. Tan gives more value to the Goh & Goh Building, stating that the Beauty World Area has specific zones and land parcels that are very rare for sale, resell, or redevelop.
The land rate is inclusive of the charge payable to the Singaporean government or State particularly for the purpose of redevelopment.