The entire freehold condo which is named Tulip Garden estate sold for $907 million. There are 162 residential apartments with some offering second-floor rooms that have their own entrance way. There are also two shops included in the building layout and covers approximately 316,700 sq. ft. Tulip Garden is located in the prime D10, and is just a stone’s throw away from Holland V. The development is also nearby the Good Class Bungalow estate. Every owner in this residential building could very easily bag a sales proceeds ranging from about $4.3mil to $7.6mil, subject to the total floor area of individual unit. The smallest floor area of the development begins with 1,701 square feet. While the largest units were as big as 3,412 square feet.
Yanlord Land Group and MCL Land joined forces to bid on the property and bought it for $906.9 million. So far in 2018, it is the second largest collective sale to date. The going price was 20.4% higher than the reserve amount submitted by the owners at $753 million. This equates to $1,790 per sq ft per plot ratio, which is slightly more than the Hollandia. Hollandia was sold at the $1,703 psf ppr. Other 2 recent developments that were sold recently include The Estoril (sold at $1,654 psf ppr), and Wilshire(sold at 1,536 psf ppr).
This property was originally sold to Brava Building Construction in July of 2007. However the consortium backed out of the deal after facing some financial issues and was not being able to raise enough funds at the time. Bravo lost its 5% deposit in the amount of $25.8 mil and was given to the owners. Had the sale gone through, the owners would have made approximately $100k.
This time around, Yanlord Land Group and MCL Land made the entire process much easier and all went very smoothly. This is also Yanlord”s first venture in Singapore’s prime market. Despite a number of En Bloc transactions that were taking place over the past few months, along with a number of redevelopment plots, Tulip Gardens was still a very attractive site for many bidders due to its ideal location.
It’s suggested that Tulip Garden which has a 1.6 plot ratio, could produce up to 670 condo apartments . Yanlord also announced that the development will be completely financed by their internal resources and the bank.
Also, Pacific Mansion which is also located River Valley within D10, was the largest collective sales for the year of 2018 till date which was secured by GuocoLand, Hong Reality and Intrepid Investments, for an amazing $980 million!