Tulip Garden sold for $907 mil to Yanlord Land Group and MCL Land
Tulip Garden, a freehold condo placed along Farrer Road in District 10, has been bought en bloc for the price value of $906.889 million. Asia Radiant has bought this site, who is a joint venture between MCL Land, Hongkong Land’s subsidiary and Singapore listed Chinese real estate developer Yanlord Land Group. The purchase price of 20.4% is greater than the Tulip Garden owners’ reserved price value of $753 million.
With respect to the transacted complete price, Tulip Garden is the second biggest collective sale deal current year, next to Pacific Mansion, which has been sold for the price value of $980 million the previous month, tells Nicholas Mak, executive director of ZACD Group.
Specifically zoned for residential use under the Singapore’s 2014 Master Plan, Tulip Garden is placed on a 316,708 sq ft site with plot ratio being 1.6 and maximal height of 12 storeys. No development charges are payable for this site.
The purchase price value of $906.889 million sets to a land rate of price value $1,790 psf per plot ratio (psf ppr), dominating recent collective sales in the Holland Road-Farrer Road neighbourhood, The Estoril ($1,654 psf ppr), Hollandia ($1,703 psf ppr) and The Wilshire ($1,536 psf ppr).
Based upon the unit size, each owner of 162 apartments & maisonettes with sizes varying between 1,701 and 3,412 sq ft, could expect to get in the range between $4.3 million and $7.6 million from the collective sales, as per Colliers International, the marketing agent of Tulip Garden