District 10 site at fringe of GCB area; close to Farrer Road MRT station and Holland Village lifestyle hub

Singapore, 27 February 2018 –Colliers International (NASDAQ and TSX: CIGI), a global leader in commercial real estate services, is pleased to announce that freehold development Tulip Garden in Farrer Road in prime District 10 will be put up for collective sale via tender for SGD753 million on February 28.

The owners’ reserve price of SGD753 million works out to a land rate of SGD1,486 per square foot per plot ratio (psf ppr) for the sprawling 29,423.2 sq m (approximately 316,708 sq ft) redevelopment site at the fringe of an exclusive Good Class Bungalow (GCB) area. There is no development charge payable for redevelopment up to a Gross Plot Ratio of 1.6. With the inclusion of an additional 10% bonus Gross Floor Area for balconies, the land rate would be reduced to SGD1,399 psf ppr after factoring in approximately $26.6 million in development charge.

Tulip Garden’s land rate is attractive compared to the prices of recent successful collective sale deals in District 10, including The Wilshire (SGD1,536 psf ppr), City Towers (SGD1,847 psf ppr), Crystal Tower (SGD1,840 psf ppr), Royalville (SGD1,960 psf ppr) and Jervois Gardens (SGD1,511 psf ppr). 

The development comprises 162 units of apartments and maisonettes and two shop units across five blocks. The rare Tulip Garden site offers the successful tenderer an opportunity to create a signature luxury development that will appeal to both families and young professionals.

Ms. Tang Wei Leng (邓慧玲), Managing Director at Colliers International, says “Nestled at the fringe of an affluent and tranquil GCB area, Tulip Garden - with its sizeable plot and slightly undulating terrain - allows the developer to create a high quality, unique and idyllic urban retreat in the heart of the city. Other compelling attributes of the site include its proximity to Holland Village, one of Singapore’s most vibrant lifestyle destinations, as well as the Farrer Road MRT station on the Circle Line. This rare redevelopment site will strengthen developers’ landbank and provides an opportunity to tap on the recovery in the high-end residential market.”

Future home buyers will enjoy convenient access to a wide variety of amenities in Holland Village, Dempsey Hill, Bukit Timah, Empress Road and Orchard Road. They include the integrated multi-disciplinary medical centre by Raffles Medical in Holland Village, lush greenery at the UNESCO World Heritage site Singapore Botanic Gardens, Nanyang Primary, Raffles Girls’ Primary and St. Margaret’s Secondary School, the oldest girls’ school in Singapore. 

Tulip Garden is conveniently located in an upscale midtown area, with access to the Pan Island Expressway, Central Expressway, Ayer Rajah Expressway, Farrer Road and Holland Road, and is 500m from the Farrer Road MRT station.
Ms. Tang adds, “The Tulip Garden site is just three stops away - via the Circle Line - from the one-north district which is home to a cluster of world-class research institutes and organisations in the biomedical sciences, infocomm technology and media sectors. With the Government’s push to encourage greater innovation and to create a digital economy, we expect one-north to continue to be a choice location for firms and talent. This trend presents upside potential for the future development on the site.” 

Under the Master Plan 2014, the Tulip Garden site is zoned Residential with a Gross Plot Ratio of 1.6 and an allowable height of up to 12 storeys. Subject to relevant approvals from the authorities, the future development can offer up to 670 new homes, with an average size of 790 sq ft when built up to a Gross Plot Ratio of 1.6 plus 10% for balconies.

This is the owners’ fourth try at collective sale since 2007. Depending on the size of their property, the apartment owners stand to receive between SGD3.6 million and SGD6.3 million from the successful sale of the development. Sizes of apartment units at Tulip Garden - which was built in the 1980s - range from 158 sq m to 317 sq m (approximately 1,701 sq ft to 3,412 sq ft). 

Mr Ng Kee Wah (黃啟華), Chairman of the Tulip Garden Collective Sale Committee, says: “Many owners want to monetise and enhance the value of their property. The owners feel that this is an opportune time to put the development up for sale, riding on the positive sentiment and upturn in the private housing market as well as the raging collective sale fever. With Colliers’ proven track record, expertise and advice, we managed to quickly garner the 80% approval required to launch the tender within 4 months.”

The Tulip Garden tender launch builds on a string of high profile collective sale deals that Colliers International has successfully brokered in recent months. They were: Pearlbank Apartments in Outram, City Towers in Bukit Timah, Parkway Mansion in Amber Road and Jervois Gardens in Jervois Road.

The public tender for Tulip Garden will close on 11 April 2018 at 3pm.

For media query, please contact:
Mrs. Annabelle Taylor
Marketing and Communications
Colliers International
Direct: +65 6531 8616