News: Tulip Garden collective sale successfully completed

Feb 4, 2019

The freehold development along Farrer Road was sold for a whopping $906.9 million in 2018. (Photo: Colliers International)

The $906.9 million sale of Tulip Garden to Asia Radiant was successfully completed on 31 January 2019, revealed Colliers International.

Asia Radiant is jointly held by property developers Yanlord Land Group and MCL Land.

More: Over 30 En Bloc Sites Fail To Secure Buyers

The owners of the freehold development made their fourth attempt at a collective sale on 28 February last year, with the tender closing on 11 April.

“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,” said Colliers International’s managing director Tang Wei Leng.

“Collective sale journeys tend to be long and information flow sensitive. There might have been some anxieties as owners await communications.”

Located along Farrer Road, Tulip Garden comprises 162 apartments and maisonettes as well as two shop units. It occupies a 29,423.2 sq m site at the fringe of a Good Class Bungalow area.

“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,” said Tulip Garden collective sale committee chairman Ng Kee Wah.

“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.”

More: Understanding The En Bloc Process (August 2018)

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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