Tulip Garden Enbloc Successfully SOLD to Yanlord & MCL for S$906.9 million

Tulip Garden En bloc Successfully SOLD to Yanlord & MCL for S$906.9 million

This is one of the Happy News in New Year 2019 as Tulip Garden finally sold

Tulip Garden Collective Sale has finally completed announced by Colliers International. This brought a happy end to a process for the freehold condo located along Farrer Road that had faced several hurdles in the past.

It is interesting to note that in April 2018. Colliers International the marketing agents for the sale had announced the successful sale of the condo to Asia Radiant where MCL Land and Yanlord Land Group are the partners.

But in the following months there were media reports that the sale had been cancelled as the number of units that the developers had planned to build at this location didn’t receive necessary approvals from the authorities.

On Friday, February 1st, Colliers International proudly announced the successful completion of the sale on January 31.

Tang Wei Leng, Managing Director of Colliers thanked the owners of Tulip Garden for having trusted them with this sale.

She added that en bloc sales by nature are long drawn process and on most occasions information around them tends of be sensitive.

She acknowledged that there may have been some anxieties on the part of the owners during the process as many of them still await communication.

Tulip Garden is a District 10 property that is located near Holland Village and in close vicinity of Good Class Bungalow area.

There are 162 apartments, 2 shop units and maisonettes in the property. The size of the unit range between 1,701 square feet and 3,412 sq ft and given the sale price the owners would pocket S$4.3 million to S$7.6 million each.

Upon redevelopment the site which has 1.6 plot ratio has the potential of yielding around 670 residential units.

Collective Sale Committee Chairman at Tulip Garden Mr Ng Kee Wah was very happy at the culmination of a long-drawn process and said that it has been a nerve-wrecking journey on the part of the owners who had contemplated en bloc sale for the first-time way back in 2007.

He added that it was an emotional moment for the owners who love this neighbourhood and expected a great development to come up on this site in the future.

En Bloc Singapore 2018 Top 5 Record Sale
Tulip Garden is the 2nd Highest Collective Sale in 2018
En Bloc Singapore History Top 5 record Sale
In Singapore History Book, it rank 4th

Phew…History Doesn’t Repeat Itself

After 12 years of waiting and 4th attempt of Collective Sale, Tulip Garden’s owners finally taste En Bloc Success. The Wait is over… owners can breathe a sigh of relief.

Before that they are worrying about sale, whether it will be completed or History repeat again

Back in 2007, Tulip Garden was sold to a Construction Company led consortium but due to economic meltdown, the sale was aborted after the group had difficulty raising the funds.

Furthermore, there are many enbloc news about “Sale Aborted” after which it was sold. This is a Nightmare for every enbloc owners and Tulip Garden’s owners don’t wish to be one of them.

Now New Year has come and brought the Happiest News, a Joyous news that will be remember for many years.

Tulip Garden En Bloc Details

Tenure: Freehold

Land Size: 316,708 square feet

Total Units: 162

Plot Ratio:  1.6

Address: 1 Farrer Road

District: 10

Marketing Agent: Colliers International

Reserve Price: $753 million.
S$1,486 psf ppr

Sale Price: S$906.9 million.
S$1,790 psf ppr

Status: SOLD
Buyer: Yanlord Land Group and MCL Land
New Development: TBA
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