Owners of Robin Court and No. 1 Robin Drive are putting their properties up for collective sale for a second time. But this time, their asking price is 40% below their initial expectations.
The indicative price of the combined plots is now S$$58 million to S$60 million.
No development charge is payable for redeveloping the site.
The prime District 10 parcel at Robin Drive, off Bukit Timah Road, is a few minutes’ walk from the newly-announced Stevens MRT station. It spans more than 40,000 square feet with a gross plot ratio of up to 1.4.
Credo Real Estate, which is marketing the deal, said the land cost is about S$964 to S$996 per square foot per plot ratio. At this price, the developer is expected to be able to breakeven at about S$1,470 to S$1,500 per square foot.
The new development could accommodate a luxurious residential project with a gross floor area of 62,398 square feet. It could yield 30 apartment units with an average size of 2,000 square feet each.
Source : Channel NewsAsia – 23 Jul 2008