Tulip Garden to be launched for collective sale at $753 mil
By Lin Zhiqin,
Angela Teo
/ EdgeProp |
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Tulip Garden along Farrer Road will be put up for sale by tender on Feb 28, with a reserve price of $753 million. It occupies a freehold land plot of 316,708 sq ft. Including an estimated development charge of $26.6 million, the land rate works out to $1,399 psf per plot ratio (ppr), says Colliers International, which is brokering the collective sale.
According to the 1.6 plot ratio for the site in the 2014 Master Plan and a 10% bonus balcony GFA, the new project can have a gross floor area (GFA) of 529,300 sq ft, says Colliers. The new development can have up to 670 units, assuming each unit has an average size of 790 sq ft.
This marks the fourth collective sale attempt by the owners of Tulip Garden, which was built in 1985. Tulip Garden has 162 apartments and maisonettes, as well as two shop units. If the collective sale is successful, owners stand to receive between $3.6 million and $6.3 million, depending on the size of their property.
(Credit: Colliers International)
“The owners feel this is an opportune time to put the development up for sale, riding on the positive sentiment and upturn in the private housing market, as well as the collective sale fever,” says Ng Kee Wah, chairman of the Tulip Garden collective sale committee.
The tender exercise closes on April 11.
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