Tulip Garden sold for $907 mil in second highest en bloc deal this year

By
/ EdgeProp Singapore
|
April 12, 2018 9:26 PM SGT
Tulip Garden, the freehold condo located along Farrer Road in District 10, has been sold en bloc for $906.889 million. The buyer is said to be Asia Radiant, a joint venture between Hongkong Land’s subsidiary, MCL Land, and Singapore-listed Chinese real estate developer Yanlord Land Group. The purchase price is 20.4% higher than the Tulip Garden owners’ reserve price of $753 million.
In terms of transacted absolute price, Tulip Garden is the second highest collective sale deal this year to date, after Pacific Mansion, which was sold for $980 million last month, says Nicholas Mak, executive director of ZACD Group.
This was Tulip Garden's fourth collective sale attempt (Credit: Colliers International)
Zoned for residential use under the 2014 Master Plan, Tulip Garden sits on a 316,708 sq ft site with a plot ratio of 1.6 and maximum height of 12 storeys. No development charge is payable for the site.
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The purchase price of $906.889 million translates to a land rate of $1,790 psf per plot ratio (psf ppr), surpassing that of recent collective sale transactions in the Holland Road-Farrer Road neighbourhood, namely Hollandia ($1,703 psf ppr), The Estoril ($1,654 psf ppr) and The Wilshire ($1,536 psf ppr).
Depending on the unit size, the owners of the 162 apartments and maisonettes with sizes from 1,701 to 3,412 sq ft, can expect to receive between $4.3 million to $7.6 million from the collective sale, according to Colliers International, the marketing agent for Tulip Garden. Incidentally, this was Tulip Garden's fourth collective sale attempt.