22 January 2007

Tulip Garden, a prime residential development site at the heart of District 10 - for sale by Expressions of Interest

Savills Singapore is pleased to announce the launch of the collective sale, of Tulip Garden, through an Expression of Interest.

The 20-year old, 164 unit residential development is located on a sprawling piece of prime residential land in District 10. The site, which is approximately 316,709 sq ft in size, is bounded and accessible by Leedon Heights, Holland and Farrer Roads. Based on the 2003 Master Plan, the property has a proposed plot ratio of 1.6. This can yield about 253 units of 2,000 sq ft luxurious condominium apartments or about 316 units of 1,600 sq ft luxurious condominium apartments.

Tulip Garden is located at the fringe of the Leedon Park Good Class Bungalow Area. It enjoys great locational attributes. Sited just off Holland Road, it is within a few minutes drive to Tanglin Mall, Holland and Tanglin Village. The Holland area has always been popular amongst home-owners for its proximity to many top schools in Singapore and is favoured by the expatriate community for its close proximity to Holland Village, Orchard Road, international schools, clubs and other amenities. These key factors alone will make any new residential project on this site an attractive investment proposition.

Furthermore, the site offers great transport connectivity across the island. The Ayer Rajah and Pan Island Expressways are within a few minutes drive from the site. It is also within a 5-minute walk to the upcoming Farrer Road MRT station, which is part of the Circle line and only one MRT stop away from the Holland Village and Botanic Gardens MRT stations.

“This site offers excellent locational attributes and transport connectivity,” said Steven Ming, Director of Investment Sales, Savills Singapore. “It is not easy to find a large freehold residential site in a prime district and yet being just minutes from Orchard and Tanglin Roads.”

“The strong interest for prime, luxury properties and the recent aggressive bidding for prime residential sites reflect investors and developers continued optimism in the high-end residential sector,” said Steven Ming.

The collective sale of Tulip Garden is close to achieving the minimum 80% mandate and carries an indicative price guide of S$900 per square foot per plot ratio including development charge.

Tulip Garden will be marketed both here and regionally, through Savills’ Regional Investment Offices, in Hong Kong, China, Japan, Australia, United Kingdom and Singapore.

The Expression of Interest is expected to close at 3 pm on the 15th March 2007.