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Thread: Tulip Garden up for en bloc sale at S$753m

  1. #1
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    Default Tulip Garden up for en bloc sale at S$753m

    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.

  2. #2
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    yanlord/mcl JV buys tulip garden for $906.9m http://infopub.sgx.com/FileOpen/12-0...&FileID=498878

  3. #3
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    The sale price translates to a land cost of about S$1,790 per square foot per plot ratio, said Colliers International.
    Read more at https://www.channelnewsasia.com/news...tempt-10131980

  4. #4
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    Quote Originally Posted by bargain hunter View Post
    The sale price translates to a land cost of about S$1,790 per square foot per plot ratio, said Colliers International.
    Read more at https://www.channelnewsasia.com/news...tempt-10131980
    https://www.propertyguru.com.sg/list...erfall-gardens

    Imagine even the smallest unit after pocketing $4.3m can still buy back a much newer place across the road at a bargain price of $3.3m with additional 130 sqf. Where to find?

    I do not own the above unit just saying....Except that this unit is rather noisy, but very soon units around here will recalibrate their asking prices and this will become ‘cheap’.

    https://www.propertyguru.com.sg/list...mmerville-park

    Or if one is patient, can switch out to Sommerville Park and hope for another lucky dip for enbloc. This site is probably harder to stomach so it may not materialize.

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