En bloc news: Tulip Garden up for collective sale!

By The Folks @PropTalk - December 6, 2010 No Comments

According to a Channel News Asia report today, Tulip Garden has been put up for collective sale. Credo Real Estate, which is handling the sale said the owners of the 164-unit development, are asking for a minimum of S$650 million.

Tulip Garden

That works out to about S$3.14 million to S$5.45 million for the apartment's owners.

This tender launch is the first large scale freehold en bloc sale offering, valued above S$500 million, in 3 years.

Credo said if sold, Tulip Garden stands to be the third largest successful en bloc sale by deal value in Singapore's history, after Farrer Court and Leedon Heights.

The other two developments were both sold in 2007 for S$1.3 billion and S$835 million.

Tulip Garden has a land area of some 317,000 square feet and is zoned for residential development under the 2008 Master Plan.

It has a gross plot ratio of up to 1.6 and can be built up to 12 storeys.

At the minimum price of S$650 million, Credo said the per square foot per plot ratio works out to S$1,250.

"We would not be surprised that the highest bidder crosses $700 million," said Karamjit Singh, MD of Credo Real Estate.

Tulip Garden is located at the corner of Holland Road and Farrer Road in the prime district 10 area

The tender will close at 2.30 pm on January 20, 2011.


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