SINGAPORE, 01 February 2019 --
Colliers International (NASDAQ and TSX: CIGI), a global leader in commercial real estate services is pleased to announce that it has successfully completed the collective sale of Tulip Garden in Farrer Road to Asia Radiant Pte Ltd (“Developer”) for SGD906.889 million on January 31, 2019.
Asia Radiant is an entity jointly held by MCL Land Limited and Yanlord Land Group Limited.
The deal completion – following the signing of the sale and purchase agreement between the Tulip Garden Collective Sale Committee and the Developer on April 12, 2018 – continues to affirm and reflect Colliers’ expertise in executing on major projects and delivering optimal outcomes for all stakeholders. It is a testament to its broad and deep market knowledge as well as outstanding capabilities in the capital markets and property investment sales sector.
Ms. Tang Wei Leng (邓慧玲), Managing Director at Colliers International, said “We are delighted to have closed this transaction and to have been able to help the owners fulfill their long-standing en bloc sale dream. Collective sale journeys tend to be long and information flow sensitive. There might have been some anxieties as owners await communications. We thank the owners for their trust and confidence in us throughout the whole collective sale process allowing us to deliver on the reserve price and marketing strategies that achieved their desired outcome.
The collective sale tender for Tulip Garden was launched on February 28, 2018 and closed on April 11, 2018 at 3pm This is the owners’ fourth try at collective sale since 2007.
Mr. Ng Kee Wah (黃啟華), Chairman of the Tulip Garden Collective Sale Committee, said, “The wait is finally over. It has been at times a nerve-wrecking journey for the owners who first took a stab at selling the property en bloc in 2007. We are overjoyed at the sale. Many parties were involved in making this a success. We thank our marketing agent, lawyers, the sale committee and everyone who had played a role in this collective sale process. Many of us love this neighbourhood and will be eager to see the upcoming development that will be built on our beloved Tulip Garden site.”
Tulip Garden, a freehold development in the prime District 10, comprises 162 units of apartments and maisonettes and two shop units. It sits on a sprawling 29,423.2 sq m (approximately 316,708 sq ft) site at the fringe of an exclusive Good Class Bungalow (GCB) area.
for the news release issued on 12 April 2018 regarding the sale of Tulip Garden after the close of tender.