Singapore’s residential property Tulip Garden sold to Asia Radiant for $692m

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Toronto-based commercial real estate services firm Colliers International on Thursday announced the sale of freehold residential property Tulip Garden to Singapore-based Asia Radiant Pte Ltd for S$906.9 million (about $692 million).

The deal marks the second largest collective sale to date in 2018, Colliers said in a statement.

Asia Radiant is an entity jointly held by MCL Land Limited and Yanlord Land Group Limited.

The sale price of the development is 20.4 per cent higher than the owners’ reserve price of S$753 million. At S$906.9 million, the sale price works out to a land rate of S$1,790 per square foot per plot ratio (psf ppr), surpassing that of recent collective sale transactions in the area, the statement added.

“This is our fourth try at collective sale and we know marketing such a large site was not an easy task. Hence, we are very pleased that Colliers, with its vast network of investors and expertise, has successfully brokered a deal,” said Ng Kee Wah, Chairman of the Tulip Garden Collective Sale Committee.

Spanning 29,423.2 square metres in land size, Tulip Garden is located on Farrer Road in District 10, Singapore. Under the Master Plan 2014, its site is zoned residential with a gross plot ratio of 1.6 and an allowable height of up to 12 storeys. It comprises 162 units of apartments and maisonettes and two shop units.

Depending on the size of the property, each residential unit owner could receive between S$4.3 million and S$7.6 million from the successful sale of the development.

Tang Wei Leng, Managing Director at Colliers International, said, “Despite a spate of collective sale deals done in the Holland Road area in recent months and a large slate of redevelopment sites on the market, the tender for Tulip Garden still attracted very keen interest – a testament to its excellent locational attributes. The healthy demand for and firmer prices of residential sites reflect the optimism and rising confidence among developers of a more definitive recovery in the Singapore property market.”

Since September 2017, Colliers International has sold five residential collective sale sites – Jervois Gardens, Parkway Mansion, City Towers, Pearlbank Apartments and Tulip Garden – with a combined value of over S$2.2 billion. The collective sale tender for Tulip Garden was launched on February 28 and closed on April 11.

Also Read:

City Towers in Singapore’s Bukit Timah sold for $303m

CapitaLand acquires Singapore’s Pearl Bank Apartments for $550m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.