Asia Radiant, an entity jointly held by MCL Land and Yanlord Land Group, has acquired the freehold residential property Tulip Garden for $692 million.
“The successful acquisition of this prime site marks our inaugural venture into the Singapore property market,” said Zhong Sheng Jian, Yanlord chairman and CEO, in a filing to the Singapore stock exchange. “As a key global financial centre, Singapore’s residential market presents a good value proposition for developers seeking to develop additional growth opportunities.”
The deal marks the second largest collective sale to date in 2018, according to Colliers International.
Tulip Garden totals 316,708 square feet in land size and sits on the fringe of an exclusive Good Class Bungalow (GCB) area in the prime District 10. Tulip Garden comprises 162 units of apartments and maisonettes and two shop units. Sizes of residential units range from approximately 1,701 square feet to 3,412 square feet.
Since September 2017, Colliers International has successfully sold five residential collective sale sites – comprising Jervois Gardens, Parkway Mansion, City Towers, Pearlbank Apartments and Tulip Garden - with a combined value of over $1.68 billion.
