SINGAPORE: Tulip Garden condominium in Farrer Road has been sold for nearly S$907 million following a fourth attempt at a collective sale, with the selling price at a 20.4-per-cent premium to the original price tag.
The freehold development, which was sold to Asia Radiant, is the second-largest collective sale in Singapore this year, marketing agent Colliers International announced in a news release on Thursday (Apr 12).
The sale price translates to a land cost of about S$1,790 per square foot per plot ratio, said Colliers International. The owners of the development had originally set a reserve price of S$753 million.
The development, which is zoned for residential use, comprises 162 units of apartments and maisonettes and two shop units across five blocks.
It is located near Farrer Road MRT station as well as Holland Village, Dempsey Hill, Bukit Timah, Empress Road and Orchard Road.
Residential unit owners whose property sizes range from 158 sq m to 317 sq m stand to receive between S$4.3 million and S$7.6 million.
Commenting on the deal, Managing Director at Colliers International Tang Wei Leng said: "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," Ms Tang said.
In February, Colliers International announced the sale of Pearl Bank Apartments, the iconic horseshoe-shaped building at Outram.
The sale of Pacific Mansion at River Valley Close by real-estate agency CBRE for S$980 million is the still the largest collective sale in 2018.