reporter2
27-02-18, 11:43
Tulip Garden up for en bloc sale at S$753m
27 FEBRUARY, 2018
SINGAPORE — Tulip Garden will be put up for sale by tender with an asking price of S$753 million, after four attempts by apartment owners to seek a collective sale.
In a media release on Tuesday (Feb 27), Colliers International, the marketing agent for Tulip Garden, said the tender will be up on Wednesday and closes on April 11 at 3pm.
Located at Farrer Road and 500m away from the Farrer Road MRT station, the 29,423.2sqm development is the latest to join the collective sale bandwagon.
Tulip Garden — which was built in the 1980s — comprises 162 units of apartments and maisonettes, and two shop units across five blocks. The sizes of the apartment units range from 1,701 sq ft to 3,412 sq ft.
It is also located near Holland Village, Dempsey Hill, Bukit Timah, Empress Road and Orchard Road.
The owners’ reserve price of S$753m works out to S$1,486 per square foot per ratio for the development.
This is the owners’ fourth try at collective sale since 2007. Depending on the size of their property, the apartment owners stand to receive between S$3.6 million and S$6.3 million from the successful sale of the development.
Under the Master Plan 2014, the Tulip Garden site is zoned “Residential with a Gross Plot Ratio of 1.6 and an allowable height of up to 12 storeys”.
Subject to relevant approvals, the future development can offer up to 670 new homes, with an average size of 790sq ft when built up to a Gross Plot Ratio of 1.6 and 10 per cent for balconies.
Colliers International’s managing director Tang Wei Leng said Tulip Garden is “nestled at the fringe of an affluent and tranquil GCB (Good Class Bungalow) area”.
With the property’s “sizeable plot and slightly undulating terrain”, Ms Tang said developers can “create a high quality, unique and idyllic urban retreat in the heart of the city”.
“This rare redevelopment site will strengthen developers’ landbank and provides an opportunity to tap on the recovery in the high-end residential market,” she added.
In November last year, another development near Tulip Garden — Vista Park condominium — launched a tender for en bloc sale.
Owners of Vista Park are eyeing at least S$350 million, a premium of over 60 per cent to what they could fetch by selling the units individually in the open market.
27 FEBRUARY, 2018
SINGAPORE — Tulip Garden will be put up for sale by tender with an asking price of S$753 million, after four attempts by apartment owners to seek a collective sale.
In a media release on Tuesday (Feb 27), Colliers International, the marketing agent for Tulip Garden, said the tender will be up on Wednesday and closes on April 11 at 3pm.
Located at Farrer Road and 500m away from the Farrer Road MRT station, the 29,423.2sqm development is the latest to join the collective sale bandwagon.
Tulip Garden — which was built in the 1980s — comprises 162 units of apartments and maisonettes, and two shop units across five blocks. The sizes of the apartment units range from 1,701 sq ft to 3,412 sq ft.
It is also located near Holland Village, Dempsey Hill, Bukit Timah, Empress Road and Orchard Road.
The owners’ reserve price of S$753m works out to S$1,486 per square foot per ratio for the development.
This is the owners’ fourth try at collective sale since 2007. Depending on the size of their property, the apartment owners stand to receive between S$3.6 million and S$6.3 million from the successful sale of the development.
Under the Master Plan 2014, the Tulip Garden site is zoned “Residential with a Gross Plot Ratio of 1.6 and an allowable height of up to 12 storeys”.
Subject to relevant approvals, the future development can offer up to 670 new homes, with an average size of 790sq ft when built up to a Gross Plot Ratio of 1.6 and 10 per cent for balconies.
Colliers International’s managing director Tang Wei Leng said Tulip Garden is “nestled at the fringe of an affluent and tranquil GCB (Good Class Bungalow) area”.
With the property’s “sizeable plot and slightly undulating terrain”, Ms Tang said developers can “create a high quality, unique and idyllic urban retreat in the heart of the city”.
“This rare redevelopment site will strengthen developers’ landbank and provides an opportunity to tap on the recovery in the high-end residential market,” she added.
In November last year, another development near Tulip Garden — Vista Park condominium — launched a tender for en bloc sale.
Owners of Vista Park are eyeing at least S$350 million, a premium of over 60 per cent to what they could fetch by selling the units individually in the open market.