With a selling price of $906.9 million, Tulip Garden has made it on the chart as this year’s second biggest collective sale.
Freehold Tulip Garden sold for 20% more than its reserve price
The freehold district 10 condominium was built in 1985 and consist of 162 apartments and maisonettes plus 2 shop units. Part of the reason why the freehold site sold for 20.4% more than its reserve price of $753 million could be its location. The 316, 708 sq ft site is located near Holland Village and a Good Class Bungalow area.
Based on the sale price, each residential owner could receive between $4.3 million and $7.6 million depending on unit size. Each unit is sized between 1,701 sq ft to 3,412 sq ft. The winning bid came from a joint entity between Chinese developer Yanlord Land Group and MCL Land.
It is fourth-time lucky for the Tulip Garden owners as it was previously sold in 2007 to a consortium led by Bravo Building Construction.
The deal dissolved as the developers backed out due to the financial crisis, but it may not have been entirely unlucky for the owners that time around. Each owner pocketed about $100,000 from the 5% deposit of $25.8 million.
Holland Village area ripe for the picking with the number of redevelopment sites
The area around Holland Village seems to be seeing quite a bit of redevelopment action. Brookvale Park was sold for $530 million in February this year, and also The Estoril for $223.9 million and the Hollandia for $98.8 million. The Holland Village shopping centre was also recently put up for collective sale.
The proximity of these sites to the Holland Village MRT station, and to educational institutions such as the National University of Singapore has revived the hustle and bustle of real estate activity here. The Tulip Garden site has no development charge and a gross plot ratio of 1.6. The site could potentially yield 670 new residential units.