Tulip Garden, a 164-unit condo development near CapitaLand’s d’Leedon project, has been put up for collective sale by property consultancy firm Credo Real Estate, with a minimum price tag of $650 million, or approximately $1,250 psf ppr.
If sold, the property will be the third-largest successful en bloc sales deal in Singapore, after Farrer Court, which was sold for $1.34 billion in 2007 and Leedon Heights at $835 million.
Tulip Garden has a total land area of 316,708 sq ft, which works out to around 1,700 sq ft to 3,400 sq ft for each unit. Based on the $650 million price tag, owners can receive between $3.14 million and $5.45 million each.
Mr. Karamjit Singh, managing director of Credo Real Estate, said the winning developer may “break-even at about $1,800 psf or so.” They may also configure the property into 400 apartment units with an average unit size of 1,325 sq ft.
The effective land cost, after factoring a development charge of $20.5 million, is around $1,203 psf ppr.
Total gross floor area (GFA) allowed for a new development is around 557,407 sq ft, excluding the additional 10 percent GFA for the balcony.
The collective sale for the site will close on January 20.