Tulip Garden makes fourth attempt at collective sale at S$753m

Tulip Garden makes fourth attempt at collective sale at S$753m

Tulip Garden
Tulip Garden in Farrer Road. (Photo: Colliers International) 

SINGAPORE: Tulip Garden condominium, a freehold development in Farrer Road, is attempting a collective sale for the fourth time, with an asking price of S$753 million, marketing agent Colliers International said in a news release on Tuesday (Feb 27).

If the sale is successful, residential owners may receive between S$3.6 million and S$6.3 million. 

The new Tulip Garden en bloc tender builds on a string of high profile collective sale deals in recent months, including Pearl Bank Apartments in Outram and Jervois Gardens in Jervois Road.

Last year, 37 en bloc tenders worth more than S$8.7 billion were awarded. However, some analysts have said that the increase in the Buyer’s Stamp Duty announced in the Budget 2018 would likely impact developers.

Tulip Garden's current en bloc tender is the owners' fourth try at collective sale since 2007. 

The reserve price translates to "a land rate of S$1,486 per sq ft per plot ratio (psf ppr) for the sprawling 316,708 sq ft redevelopment site at the fringe of an exclusive Good Class Bungalow (GCB) area", said Colliers.

It added that the land rate is also "attractive compared to the prices of recent successful collective sale deals in District 10", said Colliers. This includes Jervois Gardens, which had a land rate of S$1,511 psf ppr, and Royalville, which had a land rate of S$1,960 psf ppr. 

The development, which is zoned for residential use, comprises 162 units of apartments and maisonettes and two shop units across five blocks. 

The site also has a gross plot ratio of 1.6 and an allowable height of up to 12 storeys. 

Built in the 1980s, apartment units at Tulip Garden range between 1,701 sq ft to 3,412 sq ft. 

Subject to approvals from authorities, the future development could offer up to 670 new homes with an average size of 790 sq ft when built up to a gross plot ratio of 1.6 plus 10 per cent for balconies. 

Ms Tang Wei Leng, Managing Director at Colliers International said: "This rare development site will strengthen developers' landbank and provides an opportunity to tap on the recovery in the high-end residential market." 

The public tender for Tulip Garden closes on Apr 11, 2018 at 3pm. 

Source: CNA/ad