RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Tulip Garden is 2018's second largest en bloc sale at $906.89m

The sale price is 20.4% higher than the $753m reserve price.

Tulip Garden, a freehold development in Farrer Road, has been sold to Asia Radiant for $906.89m or $1,790 psf ppr, making it the second largest collective sale to date in 2018 after Pacific Mansion, Colliers International said. The sale price is 20.4% higher than the $753m reserve price, making it the second highest price premium so far this year.

According to an announcement, Asia Radiant is an entity jointly held by MCL Land Limited and Yanlord Land Group Limited.

Tulip Garden Collective Sale Committee chairman Ng Kee Wah noted that it is the site's fourth attempt at an en bloc sale. 

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. No development charge is payable for redevelopment up to a Gross Plot Ratio of 1.6.

Colliers International managing director Tang Wei Leng commented, “Despite a spate of collective sale deals done in the Holland Road area in recent months and a large slate of redevelopment sites on the market, the tender for Tulip Garden still attracted very keen interest – a testament to its excellent locational attributes. The healthy demand for and firmer prices of residential sites reflect the optimism and rising confidence among developers of a more definitive recovery in the Singapore property market.”

Spanning 29,423.2 sq m (approximately 316,708 sq ft) in land size, the site sits on the fringe of an exclusive Good Class Bungalow (GCB) area in the prime District 10. It is located near Farrer Road MRT station on the Circle Line and is easily accessible to a wide range of amenities in Holland Village, Dempsey Hill, Bukit Timah, Empress Road and Orchard Road.

Tulip Garden comprises 162 units of apartments and maisonettes and two shop units. Sizes of residential units range from 158 sqm to 317 sqm (1,701 sqft to 3,412 sqft). Depending on the size of the property, each residential unit owner could receive between $4.3m and $7.6m from the successful sale of the development.

Tulip Garden is one of the sites from H1 that are expected to yield up to 4,900 residential units for developers.

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