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Singapore freehold site makes 4th en bloc sale attempt with S$753M price tag

The Tulip Garden freehold development on Farrer Road in Singapore is being divested in a fourth en bloc attempt, with a reserve price of S$753 million, The (Singapore) Business Times reported.

Tulip Garden contains 162 apartments and two retail units and the freehold site, which has a 1.6 gross plot ratio, could yield 670 new apartments across an allowable height of up to 12 floors. The reserve price for the 29,423-square-meter site is equivalent to a land rate of S$1,486 per square foot per plot ratio, the Feb. 28 report noted, citing Colliers International, the asset's marketing agent.

Owners of Tulip Garden attempted a first en bloc sale in July 2007, when the development was sold for S$516 million to a Bravo Building Construction-led consortium, but the deal fell through when the buyer failed to raise the required funds, the report added.

The owners are estimated to receive between S$3.6 million and S$6.3 million if the current deal goes through.

According to an earlier report by the publication, Windy Heights estate in the city-estate's Eunos area was also placed on the market via collective sale with a reserve price of S$806.2 million.

As of Feb. 28, US$1 was equivalent to S$1.32.