Tulip Garden sold for $907 mil in second highest en bloc deal this year
By Bong Xin Ying
/ EdgeProp Singapore |
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.
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.
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles