{"id":85154,"date":"2018-04-13T10:37:38","date_gmt":"2018-04-13T03:37:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/tulip-garden-sold-for-906-9m-in-second-largest-collective-sale-this-year\/"},"modified":"2018-04-13T13:04:08","modified_gmt":"2018-04-13T06:04:08","slug":"tulip-garden-sold-for-906-9m-in-second-largest-collective-sale-this-year","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tulip-garden-sold-for-906-9m-in-second-largest-collective-sale-this-year\/","title":{"rendered":"Tulip Garden sold for $906.9m in second largest collective sale this year"},"content":{"rendered":"


\n Tulip Garden\u2019s purchase price is 20.4 percent higher than the reserve price of $753 million. (Photo: Colliers International)
\nThe Tulip Garden condominium at Farrer Road has made headlines for being the second biggest collective sale to date this year, following the $980 million en bloc sale of Pacific Mansion in March.
\nAccording to marketing agent Colliers International, the freehold property was purchased for $906.9 million by Asia Radiant \u2013 a joint venture between MCL Land, a unit of Hongkong Land Holdings and China\u2019s Yanlord Land Group.
\nThis also represents the second highest premium achieved for a residential collective sale to date this year as the purchase price is 20.4 percent higher than the reserve price of $753 million.
\nMore: The Estoril, Tulip Garden Up For Collective Sale
\nCompleted in 1985, Tulip Garden comprises 162 units of apartments and maisonettes as well as two shop units spread across five blocks. Unit sizes range from about 1,701 sq ft to 3,412 sq ft.
\nDepending on the size of the property, each owner could receive between $4.3 million and $7.6 million from the successful sale. Incidentally, three previous attempts at a collective sale failed.
\nBased on its land area of about 316,708 sq ft, the purchase price works out to $1,790 psf per plot ratio (ppr), which exceeds that of recent en bloc sales in the vicinity, noted Colliers.
\nThe nearby Hollandia, The Estoril and The Wilshire were previously sold collectively for $1,703 psf ppr, $1,654 psf ppr and $1,536 psf ppr, respectively.
\n\u201cDespite a spate of collective sale deals done in the Holland Road area in recent months and a large slate of redevelopment sites on the market, the tender for Tulip Garden still attracted very keen interest \u2013 a testament to its excellent locational attributes,\u201d said Colliers International managing director Tang Wei Leng.
\nColliers noted that the property is located close to Farrer Road MRT station on the Circle Line as well as commercial amenities in Holland Village and Dempsey Hill.
\nIts large contiguous land area also offers greater flexibility in planning the new residential project, and will provide ample space for many facilities.
\n\u201cLarge 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,\u201d said Tang, adding that residential prices in the Core Central Region are expected to grow by 10 percent for the whole of 2018.
\nUnder the 2014 Master Plan, the site has a gross plot ratio of 1.6 and maximum building height of 12 storeys. No development charge is payable.
\n\u201cThe successful acquisition of this prime site marks our inaugural venture into the Singapore property market. As a key global financial centre, Singapore\u2019s residential market presents a good value proposition for developers seeking to develop additional growth opportunities,\u201d said Yanlord\u2019s chairman and CEO Zhong Sheng Jian.
\nThe new project is slated to be completed by 2023, and could potentially yield 670 units.
\nFor the latest property news, trends, resources and expert opinions, visit our\u00a0Property News\u00a0page. Home buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Tulip Garden sold for 6.9m in second largest collective sale this year<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tulip Garden\u2019s purchase price is 20.4 percent higher than the reserve price of $753 million....<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-85154","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-m9s","jetpack-related-posts":[{"id":85150,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tulip-garden-sold-for-906-9m-in-2018s-second-largest-collective-sale\/","url_meta":{"origin":85154,"position":0},"title":"Tulip Garden sold for $906.9m in 2018\u2019s second largest collective sale","date":"April 13, 2018","format":false,"excerpt":"\r Tulip Garden\u2019s purchase price is 20.4 percent higher than the reserve price of $753 million. (Photo: Colliers International) The Tulip Garden condominium at Farrer Road has made headlines for being the second biggest collective sale to date this year, following the $980 million en bloc sale of Pacific Mansion\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":81171,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-estoril-tulip-garden-up-for-collective-sale\/","url_meta":{"origin":85154,"position":1},"title":"The Estoril, Tulip Garden up for collective sale","date":"February 27, 2018","format":false,"excerpt":"\r Aerial view of Tulip Garden. (Photo: Colliers International) Two residential developments in prime district 10 \u2013 The Estoril and Tulip Garden \u2013 recently joined the en bloc sale bandwagon. Located at 95 & 97 Holland Road, The Estoril carries a guide price of $220 million, or around $1,625 psf\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103661,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tulip-garden-collective-sale-successfully-completed\/","url_meta":{"origin":85154,"position":2},"title":"Tulip Garden collective sale successfully completed","date":"February 4, 2019","format":false,"excerpt":"\r The freehold development along Farrer Road was sold for a whopping $906.9 million in 2018. (Photo: Colliers International) The $906.9 million sale of Tulip Garden to Asia Radiant was successfully completed on 31 January 2019, revealed Colliers International. Asia Radiant is jointly held by property developers Yanlord Land Group\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99490,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/la-ville-condo-relaunched-with-lower-asking-price-of-140-6m\/","url_meta":{"origin":85154,"position":3},"title":"La Ville condo relaunched with lower asking price of $140.6m","date":"October 10, 2018","format":false,"excerpt":"\r La Ville is a 40-unit freehold condominium at Tanjong Rhu Road. (JLL) $1,424 psf ppr, or $1,361 psf ppr after taking into account the 10 percent bonus balcony space. A development charge of about $7.2 million is payable as well. Marketing agent JLL revealed on Tuesday (9 Oct) that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85640,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/faber-garden-up-for-en-bloc-sale-with-1-18b-reserve-price\/","url_meta":{"origin":85154,"position":4},"title":"Faber Garden up for en bloc sale with $1.18b reserve price","date":"April 17, 2018","format":false,"excerpt":"\r Faber Garden could become the largest en bloc deal this year if the sale goes through. (Photo: CBRE) Faber Garden, a 236-unit freehold development at Angklong Lane off Upper Thomson Road, has been launched for en bloc sale with a reserve price of $1.18 billion, marketing agent CBRE said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94033,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-real-estate-investment-market-active-in-q2-colliers\/","url_meta":{"origin":85154,"position":5},"title":"Singapore real estate investment market active in Q2: Colliers","date":"July 17, 2018","format":false,"excerpt":"\r Singapore\u2019s property investment market was active in the second quarter, with residential sites offered under the Government Land Sales (GLS) programme and existing private condominiums launched for collective sales by unit owners attracting robust demand from both local and foreign developers, according to a new report from Colliers International.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/85154"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=85154"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/85154\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=85154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=85154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=85154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}