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Thread: Tulip Garden relaunched for en bloc sale

  1. #1
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    Default Tulip Garden put up for collective sale

    Tulip Garden put up for collective sale
    By Travis Teo | Posted: 06 December 2010 1529 hrs


    SINGAPORE: 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.

    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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    Is anything boiling at Woollerton Park? I only see units on rental and not a single unit on sale! And the units on rental are asking at ridculously high amt! Suspect this is another potentail enbloc target as it is freehold and next to MRT!

  3. #3
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    Quote Originally Posted by Avatar
    Is anything boiling at Woollerton Park? I only see units on rental and not a single unit on sale! And the units on rental are asking at ridculously high amt! Suspect this is another potentail enbloc target as it is freehold and next to MRT!
    those are super rare jumbo condo .. owners wont sell ...

  4. #4
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    Quote Originally Posted by Avatar
    Is anything boiling at Woollerton Park? I only see units on rental and not a single unit on sale! And the units on rental are asking at ridculously high amt! Suspect this is another potentail enbloc target as it is freehold and next to MRT!
    22 Woollerton Park #03-28
    Freehold
    $1697
    2357
    $4000k
    24 Feb 10
    30 Woollerton Park #08-32
    Freehold
    $1392
    2788
    $3880k
    29 Jan 10
    30 Woollerton Park #03-30
    Freehold
    $1493
    2357
    $3520k
    30 Nov 09


    huge jump in price psf...300psf...

    1700psf not cheap leh for an almost 20yo condo...u on meh?

    waterfall gardens better at ard 17xxpsf?

  5. #5
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    Quote Originally Posted by devilplate
    22 Woollerton Park #03-28
    Freehold
    $1697
    2357
    $4000k
    24 Feb 10
    30 Woollerton Park #08-32
    Freehold
    $1392
    2788
    $3880k
    29 Jan 10
    30 Woollerton Park #03-30
    Freehold
    $1493
    2357
    $3520k
    30 Nov 09


    huge jump in price psf...300psf...

    1700psf not cheap leh for an almost 20yo condo...u on meh?

    waterfall gardens better at ard 17xxpsf?
    Precisely it is almost 20 yo condo and FH status. Buy not for stay but potential enbloc. You want to buy also no chance as nobody is selling. I suspect all waiting for enbloc. This one is better than D'leedon.

  6. #6
    Exalted

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    Quote Originally Posted by Avatar
    Precisely it is almost 20 yo condo and FH status. Buy not for stay but potential enbloc. You want to buy also no chance as nobody is selling. I suspect all waiting for enbloc. This one is better than D'leedon.
    avail at 1700psf i die die wun touch

  7. #7
    Any complaints please PM me

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    http://www.businesstimes.com.sg/sub/...51940,00.html?

    Published December 7, 2010

    Tulip Garden up for collective sale with minimum $650m price tag


    TULIP Garden, a 164-unit development located just a stone's throw from the CapitaLand group's newly launched d'Leedon, has been put up for collective sale.

    Marketing agents Credo Real Estate said in a press statement yesterday that the price tag is pegged at a minimum of $650 million, or about $1,250 per square foot per plot ratio (ppr).

    If sold, Tulip Garden will likely be the third-largest successful en bloc sale by deal value in Singapore's history, after Farrer Court and Leedon Heights, which were both sold in 2007.

    Farrer Court was sold for $1.34 billion and Leedon Heights for $835 million. All three projects are located next to each other in the Holland Road/Farrer Road area.

    More than 80 per cent of the owners at Tulip Garden have already signed the collective sale agreement.

    Based on the $650 million reserve price, apartment owners - whose units range in size from 1,700 sq ft to 3,400 sq ft - stand to receive between $3.14 million and $5.45 million each. The freehold Tulip Garden has a land area of 316,708 sq ft.

    Under the 2008 Master Plan, it is zoned for a residential development up to a gross plot ratio of 1.6, and an allowable height of up to 12 storeys.

    Credo's press release yesterday said the development baseline plot ratio of Tulip Garden is 1.6425, higher than the allowable plot ratio of 1.6.

    Potential buyers can therefore enjoy some savings on the development charge payable should they build extra floor area space allowable for balconies.

    The total gross floor area allowed for a new project is about 557,407 sq ft after factoring the additional 10 per cent balcony gross floor area.

    The new development, which will have a breakeven price of about $1,800 per sq ft, may be configured into 400 apartments with an average size of 1,325 sq ft.

    Tulip Garden, located some 500 metres from the upcoming Farrer Road MRT station, is within two kilometres of Nanyang Primary School and Raffles Girls' Primary School. The collective sale tender closes at 2.30pm on Jan 20, 2011.

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    Is the deal dead?
    If it is, I hope it puts to rest that 'school-yardish' screaming match in the other thread.

  9. #9
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    I think we can only safely say it's not above the RP. Maybe still in nego.
    I heard Asimont was in nego but that was a couple of weeks ago - that one looks dead. Next to watch is Whitley Hts and then Hawaii Twrs.


    Quote Originally Posted by louisebrown
    Is the deal dead?
    If it is, I hope it puts to rest that 'school-yardish' screaming match in the other thread.

  10. #10
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    Heard Asimont is negotiating with last owner so that no need to go STB with 100%.

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