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.
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.