Hi Kim Kim,
This is the recent news http://www.todayonline.com/Business/EDC101207-0000211/Tulip-Garden-up-for-collective-sale-reserve-price-is-$650-million (see below for the news)
Usually, if the enbloc goes through, it might take as short as about 9months to about 1 years plus at least.
So if the agreement is signed, it can be fixed minimum or even 2 years lease, but subject to enbloc where the security deposit can be returned and lease ends with landlord giving about 3 months notice..
Hope it answers your question. Please let me know if you need anything else.
Cheers
Andrew
HP :
9630 2109
Note :
SINGAPORE - The 164-unit Tulip Garden (picture) at Farrer Road has been put up for collective sale at a minimum price of $650 million.
Should the deal go through, it will be Singapore's third-largest en bloc sale, behind two properties that were sold at the height of the en bloc fever three years ago.
In 2007, Farrer Court and Leedon Heights were sold at $1.34 billion and $835 million, respectively.
Credo Real Estate is the marketing agent for the proposed en bloc sale of Tulip Garden and its managing director, Mr Karamjit Singh, said: "We would not be surprised (if) the highest bidder crosses $700 million."
Property analysts, however, are divided about Tulip Garden's appeal to developers.
Mr Nicholas Mak, executive director of research at SLP International, said the coming supply of more Government land means developers would be "spoilt for choice".
Noting that Tulip Garden is "not near any MRT station", Mr Mak added: ""One drawback is that it's actually very near Farrer Road. So some blocks of the new development could be quite near the busy road."
Cushman & Wakefield vice-chairman Donald Han nevertheless believes the site will draw "larger-scale developers like CapitaLand or Far East Organization who are on the prowl for land-banking activities".
Tulip Garden is a freehold property with a land area of 316,708 square feet.
Under the 2008 Master Plan, it is zoned for a residential development up to a gross plot ratio (GPR) of 1.6 and an allowable height of up to 12 storeys.
More than 80 per cent of the Tulip Garden owners have agreed to a collective sale.
With the reserve price set at $650 million, the apartment owners, whose units are sized from 1,700 square feet to 3,400 square feet, may receive between $3.14 million and $5.45 million each.
Tulip Garden's development baseline plot ratio was higher than its allowable plot ratio of 1.6 - which means the buyer could save on additional development cost if it were to build extra floor space for balconies, said Credo Real Estate.
For interested developers, the effective land cost, after factoring some $20.5m in development charge, is $1,203 psf per plot ratio.
Mr Singh noted that the developer "may expect to break-even at about $1,800 psf or so".
The total Gross Floor Area (GFA) allowed for Tulip Garden is approximately 557,407 sq ft, including the additional 10 per cent balcony GFA.
The new development may be configured into 400 apartments with an average size of 1,325 sq ft, depending on layout.
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