When redeveloped, it can offer up to 670 new homes with an average size of 790 sqft.
The freehold development Tulip Garden in Farrer Road in prime District 10 will be put up for collective sale via tender for $753m on 28 February, Colliers International said.
According to a press release, the owners’ reserve price of $753m works out to a land rate of $1,486 psf ppr for the 316,708 sq ft redevelopment site at the fringe of an exclusive Good Class Bungalow (GCB) area. There is no development charge payable for redevelopment up to a Gross Plot Ratio of 1.6.
With the inclusion of an additional 10% bonus gross floor area (GFA) for balconies, the land rate would be reduced to $1,399 psf ppr after factoring in approximately $26.6m in development charge (DC).
Other successful collective sale deals in District 10 include The Wilshire ($1,536 psf ppr), City Towers ($1,847 psf ppr), Crystal Tower ($1,840 psf ppr), Royalville ($1,960 psf ppr) and Jervois Gardens ($1,511 psf ppr).
The development comprises 162 units of apartments and maisonettes and two shop units across five blocks. The Tulip Garden site offers the successful tenderer an opportunity to create a signature luxury development that will appeal to both families and young professionals.
Future home buyers will have access to a wide variety of amenities in Holland Village, Dempsey Hill, Bukit Timah, Empress Road and Orchard Road. They include the integrated multi-disciplinary medical centre by Raffles Medical in Holland Village and the Singapore Botanic Gardens, amongst others. Tulip Garden is conveniently located in an upscale midtown area, with access to the Pan Island Expressway, Central Expressway, Ayer Rajah Expressway, Farrer Road and Holland Road, and is 500m from the Farrer Road MRT station.
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 from the authorities, the future development can offer up to 670 new homes, with an average size of 790 sqft when built up to a gross plot ratio of 1.6 plus 10% for balconies.
Colliers noted that 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 $3.6m and $6.3m from the successful sale of the development. Sizes of apartment units at Tulip Garden - which was built in the 1980s - range from 158 sqm to 317 sqm (approximately 1,701 sq ft to 3,412 sq ft),” it added.
The public tender for Tulip Garden will close on 11 April 2018 at 3 p.m.
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