Located near the Beauty World MRT station, Bukit Timah Shopping Centre and Beauty World Centre, the four-storey mixed-use project consists of seven shops on the ground floor and seven apartments on the upper levels. (Photo: JLL)
BBR Holdings (S) Ltd has exercised a call option on Thursday (25 May) to purchase the Goh & Goh Building at Upper Bukit Timah Road for S$101.5 million in cash, revealed an SGX filing posted on the same day.
The call option was exercised by Alika Properties Pte Ltd, a 62 percent owned unit of BBR Development Pte Ltd, which in turn is a fully-owned unit of the parent firm.
Located near the Beauty World MRT station, Bukit Timah Shopping Centre and Beauty World Centre, the four-storey mixed-use project consists of seven shops on the ground floor and seven apartments on the upper levels.
Zoned residential with commercial at the first level, the freehold site has a land area of around 2,868.3 sq m (30,874 sq ft) and a plot ratio of 3.0.
“Subject to Alika’s payment of a development charge, the site can potentially yield about 100 residential units and a level of retail shops at the ground floor taking into account the permissible gross floor area of 8,604.9 sqm (92,622 sq ft),” said BBR Holdings in a statement.
“The site is situated at the intersection of Jalan Jurong Kechil and Upper Bukit Timah Road, and enjoys triple road frontages with a prominent 60-metre frontage onto the main road. This presents an excellent opportunity for the Property to be re-developed and conceptualised into a modern residential development with a highly visible retail level,” it added.
The acquisition will be funded by a combination of bank loans, as well as capital injections and/or loans by Alika stockholders.
Meanwhile, The Straits Times reported that the owners of the Goh & Goh Building, which was built in the late 1980s, originally asked for S$120 million when the property first entered the market last February.
The Business Times also revealed that the deal represents the first en bloc sale involving a mixed-use property and the second collective sale in Singapore this year, after the One Tree Hill Gardens near Orchard Road was bought by Lum Chang Holdings for S$65 million earlier this month.
This article was edited by Denise Djong.
