Tulip Garden back in collective sale bid

Tulip Garden has re-launched its collective sale, after its last unsuccessful tender exercise that closed in January this year.

Credo Real Estate, which is handling the sale, said the owners of the 164-unit development are asking a minimum S$600 million, down from the previous price of S$650 million.

Credo said the majority of the owners present at an extraordinary general meeting last month voted in favour of seeking a written mandate from at least 80 per cent of the owners to lower the reserve price.

Credo added while the process is still ongoing, the collective sale committee has decided to relaunch the tender exercise.

At an asking price of S$600 million, developers are looking at an effective land cost of about S$1,153 per square foot per plot ratio, based on the allowable plot ratio of 1.6425.

Should the developer choose to maximise the potential 10 per cent allowable space for balconies, the effective land cost could be lowered to S$1,118 per square foot per plot ratio, after factoring in development charge of some S$23 million.

Tulip Garden has a total gross floor area of about 557.4 thousand square feet, which includes the additional 10 per cent balcony.

The development can potentially yield about 400 apartments, with an average size of 1,325 square feet, depending on layout.

Tulip Garden is located at the corner of Holland Road and Farrer Road in the prime district 10 area.

The tender closes on July 19.

Source : Channel NewsAsia – 22 Jun 2011

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