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Thread: Tulip Garden relaunched for en bloc sale

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    Default Tulip Garden put up for collective sale

    Tulip Garden put up for collective sale
    By Travis Teo | Posted: 06 December 2010 1529 hrs


    SINGAPORE: Tulip Garden has been put up for collective sale. Credo Real Estate which is handling the sale said the owners of the 164-unit development, are asking for a minimum of S$650 million.

    That works out to about S$3.14 million to S$5.45 million for the apartment's owners.

    This tender launch is the first large scale freehold en bloc sale offering, valued above S$500 million, in 3 years.

    Credo said if sold, Tulip Garden stands to be the third largest successful en bloc sale by deal value in Singapore's history, after Farrer Court and Leedon Heights.

    The other two developments were both sold in 2007 for S$1.3 billion and S$835 million.

    Tulip Garden has a land area of some 317,000 square feet and is zoned for residential development under the 2008 Master Plan.

    It has a gross plot ratio of up to 1.6 and can be built up to 12 storeys.

    At the minimum price of S$650 million, Credo said the per square foot per plot ratio works out to S$1,250.

    "We would not be surprised that the highest bidder crosses $700 million," said Karamjit Singh, MD of Credo Real Estate.

    Tulip Garden is located at the corner of Holland Road and Farrer Road in the prime district 10 area

    The tender will close at 2.30 pm on January 20, 2011.

    -CNA/ac/ls
    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

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    Is anything boiling at Woollerton Park? I only see units on rental and not a single unit on sale! And the units on rental are asking at ridculously high amt! Suspect this is another potentail enbloc target as it is freehold and next to MRT!

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    Quote Originally Posted by Avatar
    Is anything boiling at Woollerton Park? I only see units on rental and not a single unit on sale! And the units on rental are asking at ridculously high amt! Suspect this is another potentail enbloc target as it is freehold and next to MRT!
    those are super rare jumbo condo .. owners wont sell ...

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    Quote Originally Posted by Avatar
    Is anything boiling at Woollerton Park? I only see units on rental and not a single unit on sale! And the units on rental are asking at ridculously high amt! Suspect this is another potentail enbloc target as it is freehold and next to MRT!
    22 Woollerton Park #03-28
    Freehold
    $1697
    2357
    $4000k
    24 Feb 10
    30 Woollerton Park #08-32
    Freehold
    $1392
    2788
    $3880k
    29 Jan 10
    30 Woollerton Park #03-30
    Freehold
    $1493
    2357
    $3520k
    30 Nov 09


    huge jump in price psf...300psf...

    1700psf not cheap leh for an almost 20yo condo...u on meh?

    waterfall gardens better at ard 17xxpsf?

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    Quote Originally Posted by devilplate
    22 Woollerton Park #03-28
    Freehold
    $1697
    2357
    $4000k
    24 Feb 10
    30 Woollerton Park #08-32
    Freehold
    $1392
    2788
    $3880k
    29 Jan 10
    30 Woollerton Park #03-30
    Freehold
    $1493
    2357
    $3520k
    30 Nov 09


    huge jump in price psf...300psf...

    1700psf not cheap leh for an almost 20yo condo...u on meh?

    waterfall gardens better at ard 17xxpsf?
    Precisely it is almost 20 yo condo and FH status. Buy not for stay but potential enbloc. You want to buy also no chance as nobody is selling. I suspect all waiting for enbloc. This one is better than D'leedon.

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    Quote Originally Posted by Avatar
    Precisely it is almost 20 yo condo and FH status. Buy not for stay but potential enbloc. You want to buy also no chance as nobody is selling. I suspect all waiting for enbloc. This one is better than D'leedon.
    avail at 1700psf i die die wun touch

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    mr funny is offline Any complaints please PM me
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    http://www.businesstimes.com.sg/sub/...51940,00.html?

    Published December 7, 2010

    Tulip Garden up for collective sale with minimum $650m price tag


    TULIP Garden, a 164-unit development located just a stone's throw from the CapitaLand group's newly launched d'Leedon, has been put up for collective sale.

    Marketing agents Credo Real Estate said in a press statement yesterday that the price tag is pegged at a minimum of $650 million, or about $1,250 per square foot per plot ratio (ppr).

    If sold, Tulip Garden will likely be the third-largest successful en bloc sale by deal value in Singapore's history, after Farrer Court and Leedon Heights, which were both sold in 2007.

    Farrer Court was sold for $1.34 billion and Leedon Heights for $835 million. All three projects are located next to each other in the Holland Road/Farrer Road area.

    More than 80 per cent of the owners at Tulip Garden have already signed the collective sale agreement.

    Based on the $650 million reserve price, apartment owners - whose units range in size from 1,700 sq ft to 3,400 sq ft - stand to receive between $3.14 million and $5.45 million each. The freehold Tulip Garden has a land area of 316,708 sq ft.

    Under the 2008 Master Plan, it is zoned for a residential development up to a gross plot ratio of 1.6, and an allowable height of up to 12 storeys.

    Credo's press release yesterday said the development baseline plot ratio of Tulip Garden is 1.6425, higher than the allowable plot ratio of 1.6.

    Potential buyers can therefore enjoy some savings on the development charge payable should they build extra floor area space allowable for balconies.

    The total gross floor area allowed for a new project is about 557,407 sq ft after factoring the additional 10 per cent balcony gross floor area.

    The new development, which will have a breakeven price of about $1,800 per sq ft, may be configured into 400 apartments with an average size of 1,325 sq ft.

    Tulip Garden, located some 500 metres from the upcoming Farrer Road MRT station, is within two kilometres of Nanyang Primary School and Raffles Girls' Primary School. The collective sale tender closes at 2.30pm on Jan 20, 2011.

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    Is the deal dead?
    If it is, I hope it puts to rest that 'school-yardish' screaming match in the other thread.

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    I think we can only safely say it's not above the RP. Maybe still in nego.
    I heard Asimont was in nego but that was a couple of weeks ago - that one looks dead. Next to watch is Whitley Hts and then Hawaii Twrs.


    Quote Originally Posted by louisebrown
    Is the deal dead?
    If it is, I hope it puts to rest that 'school-yardish' screaming match in the other thread.

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    Heard Asimont is negotiating with last owner so that no need to go STB with 100%.

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    Quote Originally Posted by gn108
    I think we can only safely say it's not above the RP. Maybe still in nego.
    I heard Asimont was in nego but that was a couple of weeks ago - that one looks dead. Next to watch is Whitley Hts and then Hawaii Twrs.
    I see. But the tender only closed on 20 Jan 2011.
    U mean the tender has flopped and so a buyer is negotiating on the sidelines, like a failed auction?

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    Quote Originally Posted by louisebrown
    Is the deal dead?
    If it is, I hope it puts to rest that 'school-yardish' screaming match in the other thread.
    The beauty of this area is that there will always be developers who will be interested to buy this place. Likewise, there will be many naysayers who pretend that its a lousy, faux D10 and try to talk down this area.

    While I'm vested both in Farrer and Mt Sinai, I also believe there are other areas/ regions worth investing eg Marina Bay area, Keppel Bay/ Sentosa, Orchard. For those with lower budget and lower risk appetite, go for OCRs, no problem with that. I like these area mainly because I grew up in these area and also the need to be near my children's schools. In that sense, the proximity to schools over-rides investment returns, although returns is still an important of coz.

    1 of my condo has tried many times to enbloc but a significant number of us refuse to sell the place cheap. And with talks of enbloc going on, some agents used it to their advantage by getting people to buy into the enbloc story. But because the average price keeps going up with each new buyer, it gets harder as these new comers demand a higher price than the earlier buyers. Some of my neighbours who originally bought for enbloc profits now grew to like the place so much so that one spent $300k recently to overhaul the place and voted nay to enbloc.

    This is only possible if the condo is inherently attractive to begin with and its no coincidence that its proximity to Henry Park Pri School attracts locals either to rent or buy this place.

    End of the day, if this round fails, the pest will still be back to hound the owners to enbloc because its still bluechip, regardless of the school-yardish children shouts and claims. And I will bring up my Baygon and ask them to come back to me when they need my signature to reach 80% or 100% and negotiate `special deals' with them.

    I never believe in enbloc and will never support enbloc.

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    reported that not a single bid was received.
    there were some private discussions though...

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    HP65, nice post. it's no coincidence the top 2 enblocs so far are all around here. I'm not vested in either, but I do believe this is a nice area.
    Btw with the railway officially dead, I believe Mt Sinai area will be even more attractive.

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    Quote Originally Posted by amk
    HP65, nice post. it's no coincidence the top 2 enblocs so far are all around here. I'm not vested in either, but I do believe this is a nice area.
    Btw with the railway officially dead, I believe Mt Sinai area will be even more attractive.
    Thx Amk, its a charming place indeed. imo, the railway doesnt really impact Mt Sinai negatively . If anything, I think only some units of Glentrees and landed are affected by the trains.

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    Quote Originally Posted by august
    reported that not a single bid was received.
    there were some private discussions though...
    this just proved my point. the farrer area has nothing to offer, except traffic jam and HDB.

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    Quote Originally Posted by stalingrad
    this just proved my point. the farrer area has nothing to offer, except traffic jam and HDB.
    farrer, not the apuneh one, is always attractive and will be even more attractive now that CCL is there

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    At price tag of $650mil for this enbloc, not many developers are able to dig deep enough to commit; only a few; but they will also wait and see how sentiments pent out. Farrer is always attractive. MRT is running soon this year.

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    Quote Originally Posted by stalingrad
    this just proved my point. the farrer area has nothing to offer, except traffic jam and HDB.
    Why farrer no good? So tulip garden enblo dead?

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    Quote Originally Posted by land118
    At price tag of $650mil for this enbloc, not many developers are able to dig deep enough to commit; only a few; but they will also wait and see how sentiments pent out. Farrer is always attractive. MRT is running soon this year.
    capland just bought marine point enbloc

    all enblocs post financial crisis have been smaller scale in the range of 100+ mil or less.. evidence that developers are playing safe. looks like big enblocs e.g. tulip, laguna, pine grove etc all got to wait long long

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    Quote Originally Posted by august
    capland just bought marine point enbloc

    all enblocs post financial crisis have been smaller scale in the range of 100+ mil or less.. evidence that developers are playing safe. looks like big enblocs e.g. tulip, laguna, pine grove etc all got to wait long long
    Ya, saw the news. MM developers go for $50m enbloc, larger ones may stretched to $100m+, all play safe 1st, wait & see attitude now

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    also no bid received for Hawaii Towers ($700m)
    some private discussions though

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    So tulip and Hawaii no buyers? Developers are also cautious I guess..... But I thought tulip garden en bloc price is very reasonable.... anyone know why no buyer?

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    Quote Originally Posted by CCR
    So tulip and Hawaii no buyers? Developers are also cautious I guess..... But I thought tulip garden en bloc price is very reasonable.... anyone know why no buyer?
    I think the two recently TOP projects at Meyer are under water could be one of the reasons

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    Quote Originally Posted by CCR
    So tulip and Hawaii no buyers? Developers are also cautious I guess..... But I thought tulip garden en bloc price is very reasonable.... anyone know why no buyer?
    probably cos D'Leedon not doing so well...

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    Quote Originally Posted by CCR
    So tulip and Hawaii no buyers? Developers are also cautious I guess..... But I thought tulip garden en bloc price is very reasonable.... anyone know why no buyer?
    At $650m, one can rule out the medium and surely the small size developers who won't want to put all their bets on 1 project, certainly not now when cooling measure just been introduced. That leave a handful big time developers who have the financial might, but timing not good- all of them look, look see see for now. CapitaLand already have the D'leedon to sell, don't think they will be so hero to go grab this enbloc now. All about timing.

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    Quote Originally Posted by CCR
    So tulip and Hawaii no buyers? Developers are also cautious I guess..... But I thought tulip garden en bloc price is very reasonable.... anyone know why no buyer?
    tulip location slightly inferior than d'leedon, plot ratio also smaller

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    Quote Originally Posted by august
    tulip location slightly inferior than d'leedon, plot ratio also smaller
    Ya, Tulip plot ratio is 1.6 but FH, corner plot of major road junction(farrer & holland road) while d'leedon is LH, plot ratio is 2.8

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    Quote Originally Posted by land118
    Ya, Tulip plot ratio is 1.6 but FH, corner plot of major road junction(farrer & holland road) while d'leedon is LH, plot ratio is 2.8
    any idea how ura/govt determines the plot ratio for each and every location/parcel ?

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    Quote Originally Posted by land118
    At $650m, one can rule out the medium and surely the small size developers who won't want to put all their bets on 1 project, certainly not now when cooling measure just been introduced. That leave a handful big time developers who have the financial might, but timing not good- all of them look, look see see for now. CapitaLand already have the D'leedon to sell, don't think they will be so hero to go grab this enbloc now. All about timing.
    Agree.... But at this current price tulip is cheap.... If they wait for dleedon and lee don residences to sell out then tulip owners will want ,ore money and the whole cycle starts again... Anyway developer is in it for the long haul... The earliest they can launch the project aft enbloc is also 1.5years, by then
    All the units at farrer area will almost sell out....

    I also agree that tulip a bit inferior to dleedon, but it's freehold and the architect still can face the units towards the GCB area and hence not noisy plus still can have holland and lee don road entrance so there is a way to overcome the limitation of the land....

    I personally feel that tulip is an ok buy..... Owners in CCR all damn unrealistic so if ere is a reasonable piece of ccr land must grab....

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