The sale of Tulip Garden for $906.9 million on its fourth en bloc attempt has reached a happy conclusion, after market talk that the mammoth deal had hit a snag.
Back in April last year, marketing agent Colliers International announced the sale en bloc of the freehold Farrer Road condominium to Asia Radiant, jointly held by Yanlord Land Group and MCL Land. But media reports surfacing months later and that were dismissed by Colliers, said the sale might be scuppered because the number of residential units being planned by the buyer had not been approved by the authorities.
On Friday (Feb 1), Colliers announced that it had successfully completed the sale on Jan 31. Thanking the owners for their trust and confidence, managing director Tang Wei Leng said: "Collective sale journeys tend to be long and information flow sensitive. There might have been some anxieties as owners await communications."
The condominium comprises 162 apartments and maisonettes and two shop units, and is located in District 10 close to Holland Village and a Good Class Bungalow area.
Depending on the size of the units, which range from 1,701 sq ft to 3,412 sq ft, each residential unit owner will receive between $4.3 million and $7.6 million.
The site can potentially yield up to 670 residential units with its plot ratio of 1.6.
Ng Kee Wah, chairman of Tulip Garden's collective sale committee, said: "The wait is finally over. It has been at times a nerve-racking journey for the owners who first took a stab at selling the property en bloc in 2007. We are overjoyed at the sale.