Court Dismisses Appeal Against Collective Sale of Goodluck Garden Project, CNQC (SP) to Obtain the Full Ownership of the Project

CNQC International

CNQC (SOUTH PACIFIC) HOLDING PTE. LTD. “CNQC (SP)”a leading property developer and contractor in Singapore, is pleased to announce the vendors of Goodluck Garden have obtained a statutory sale order for 80% of the project. The Group will complete its acquisition of the entire Goodluck Garden property, which will become the Company’s second collective sales project.

The Group’s wholly-owned subsidiaries, Qingjian Realty (Changi) Investment Pte. Ltd and Bohai Investments (Punggol Central) Pte. Ltd (collectively, the “Purchasers”), originally submitted a tender for the purchase of all strata lots and the common property of Goodluck Garden at a total consideration of S$610 million. The vendors of Goodluck Garden, representing over 80% of the owners of Goodluck Garden, accepted the tender on 8 March 2018. Goodluck Garden is situated at 32, 34, 36, 38, 40, 42, 44, and 46 Toh Tuck Road, Singapore, with a total land area of approximately 360,130 sq. ft. The site will be redeveloped into over 600 residential apartments with an expected plot ratio of approximately 1.4.

The Property Purchase was conditional upon, amongst others, the vendors of Goodluck Garden obtaining a statutory sale order. The Group was informed by Goodluck Garden’s collective sales committee that the appeal against the statutory sale order previously granted to the vendors of Goodluck Garden was dismissed by the Singapore Court of Appeals on 7 March 2019. It is expected that the Property Purchase will proceed to completion shortly.

Executive Director of CNQC(SP), Mr. Wang Congyuan, said: “Now that the court has dismissed the appeal against the sale of the Goodluck Garden Project, the Group plans to acquire full ownership of the project. The project’s surrounding facilities and location in a private residential area along Toh Tuck Road in Singapore is ideal for development, and the Group is optimistic about the appreciation of the land where the project is located. Taking advantage of the demand opportunities in Singapore’s private housing sales, the Group plans to turn the project into a residential unit. Our work on the project will expand the our market share of private housing in Singapore. “