SINGAPORE - Goodluck Garden, a condominium along Toh Tuck Road, has been launched for collective sale with a reserve price of S$550 million.

The freehold residential site spanning 33,457.2 square metres comprises eight blocks of 208 residential units and two commercial shops.

With a gross plot ratio of 1.4, it is estimated to generate 669 new units based on the maximum gross floor area of 504,182 square feet and assuming an average size of 753 sq ft.

Including an estimated development charge of S$63.2 million payable for intensified use of the site, the land rate works out to S$1,216 per square foot per plot ratio (psf ppr).

Extolling its locational attributes, marketing agent Knight Frank pointed out that Goodluck Garden is nestled within a private residential enclave, surrounded by landed homes and private condominiums, including The Beverly, Nottinghill Suites, The Creek @ Bukit and soon-to-be launched Daintree Residences.

It is a few minutes' walk away from the Beauty World MRT Station, as well as a wide array of amenities along Upper Bukit Timah Road, including Beauty World Centre and Bukit Timah Plaza. The site is a five-minute drive to the Jurong Lake District and 25-minute drive to the Central Business District.

"This presents a rare opportunity to acquire one of the largest freehold, residential redevelopment sites within walking distance to an MRT station," said Ian Loh, head of investment and capital markets at Knight Frank Singapore.

The tender for Goodluck Garden will close on March 7.