SINGAPORE - The en bloc fever shows no sign of abating, with the owners of Tulip Garden in Farrer Road launching their fourth such attempt.
The freehold site in prime District 10 will be put up for collective sale via tender on Feb 28, at a reserve price of S$753 million, marketing agent Colliers International announced on Tuesday (Feb 27).
The development, which is near a Good Class Bungalow area, comprises 162 units of apartments and maisonettes and two shop units across five blocks.
Under Master Plan 2014, the 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.
The owners' reserve price of S$753 million works out to a land rate of S$1,486 per sq ft per plot ratio (psf ppr) for the sprawling 29,423.2 sq m (316,708 sq ft) redevelopment site, said Colliers.
There is no development charge payable for redevelopment up to a gross plot ratio of 1.6, it added.
With the inclusion of an additional 10 per cent bonus gross floor area for balconies, the land rate would be reduced to S$1,399 psf ppr after factoring in approximately S$26.6 million in development charge.
Colliers said Tulip Garden's land rate is attractive, compared with the prices of recent successful collective sale deals in District 10, including The Wilshire (S$1,536 psf ppr), City Towers (S$1,847 psf ppr), Crystal Tower (S$1,840 psf ppr), Royalville (S$1,960 psf ppr) and Jervois Gardens (S$1,511 psf ppr).
Ms Tang Wei Leng, Colliers' managing director, said "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 the recovery in the high-end residential market," she added.
Depending on the size of their units, Tulip Garden owners stand to receive between S$3.6 million and S$6.3 million from a successful sale. Sizes of apartment units there range from 158 sq m to 317 sq m (approximately 1,701 sq ft to 3,412 sq ft).
Said Mr Ng Kee Wah, chairman of the Tulip Garden collective sale committee: "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."
The public tender for Tulip Garden will close at 3pm on April 11.