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Tulip Garden successfully sold en bloc for $907m by Colliers

Ravi Philemon

Colliers International announced today that it has successfully completed the collective sale of Tulip Garden in Farrer Road to Asia Radiant Pte Ltd (“Developer”) for SGD906.889 million on January 31, 2019. Asia Radiant is an entity jointly held by MCL Land Limited and Yanlord Land Group Limited.

The deal completion – following the signing of the sale and purchase agreement between the Tulip Garden Collective Sale Committee and the Developer on April 12, 2018 – continues to affirm and reflect Colliers’ expertise in executing on major projects and delivering optimal outcomes for all stakeholders. It is a testament to its broad and deep market knowledge as well as outstanding capabilities in the capital markets and property investment sales sector.

Ms Tang Wei Leng, Managing Director at Colliers International, said “We are delighted to have closed this transaction and to have been able to help the owners fulfill their long-standing en bloc sale dream. Collective sale journeys tend to be long and information flow sensitive. There might have been some anxieties as owners await communications. We thank the owners for their trust and confidence in us throughout the whole collective sale process allowing us to deliver on the reserve price and marketing strategies that achieved their desired outcome.

The collective sale tender for Tulip Garden was launched on February 28, 2018 and closed on April 11, 2018 at 3pm This is the owners’ fourth try at collective sale since 2007.

Tulip Garden

Image credit: Colliers International

The prime freehold development Tulip Garden sold for SGD906.889 million to Asia Radiant Pte Ltd.

The sale price is 20.4% higher than the owners’ reserve price of SGD753 million – the second highest price premium achieved in a residential collective sale transaction so far this year. At SGD906.889 million, the sale price works out to a land rate of SGD1,790 per square foot per plot ratio (psf ppr), surpassing that of recent collective sale transactions in the area: SGD1,703 psf ppr for Hollandia; SGD1,654 psf ppr for The Estoril; and SGD1,536 psf ppr for The Wilshire.

Ms Tang previously said that: “What was appealing about the site was its large contiguous land area which will offer greater flexibility in the planning and development of the new residential project, providing ample space for wide-ranging facilities and social areas for future residents. Large plots in prime central locations are rare and Tulip Garden provides an opportunity for the developer to capitalise on the upturn in the high-end homes segment. For the whole of 2018, we estimate that prices could rise by 10% in the Core Central Region.”

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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.

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 conveniently 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 sq m to 317 sq m (approximately 1,701 sq ft to 3,412 sq ft).

Depending on the size of the property, each residential unit owner could receive between SGD4.3 million and SGD7.6 million from the successful sale of the development.

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Mr Ng Kee Wah, Chairman of the Tulip Garden Collective Sale Committee, said, “The wait is finally over. It has been at times a nerve-wrecking journey for the owners who first took a stab at selling the property en bloc in 2007. We are overjoyed at the sale. Many parties were involved in making this a success. We thank our marketing agent, lawyers, the sale committee and everyone who had played a role in this collective sale process. Many of us love this neighbourhood and will be eager to see the upcoming development that will be built on our beloved Tulip Garden site.”

Tulip Garden, a freehold development in the prime District 10, comprises 162 units of apartments and maisonettes and two shop units. It sits on a sprawling 29,423.2 sq m (approximately 316,708 sq ft) site at the fringe of an exclusive Good Class Bungalow (GCB) area.

Colliers International said that since 2017, it has successfully sold several collective sale sites, inclusing Jervois Gardens, Parkway Mansion, City Towers, Pearlbank Apartments and Tulip Garden, and that these transactions continue to reflect and affirm Colliers’ proven track record and deep capabilities in the capital markets and property investment sales sector.

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