The collective sale of a 16-unit apartment located at Robin Road has gone through for $52 million, says property consulting firm Credo Real Estate.
The winning bid came from Sing Holdings, which vied for the two 4-storey block apartment that forms part of four adjoining properties.
Ms Yong Choon Fah, Executive Director of Credo Real Estate, said: “More than 80 per cent of the owners at 2 to 8 Robin Road have consented to Sing Holdings’ offer of $52 million, which translates to $1,462 psf per plot ratio based on an allowable plot ratio of 1.54, including balconies.”
Ms Yong added “Development charge is not payable for the 10 per cent balconies Gross Floor Area space allowed.”
Sing Holdings had previously won the tender for two other adjoining developments: Robin Court for $77.33 million and Robin Star for $47 million via by private treaty.
Combined, the site can be turned into a joint condominium development of up to five storeys.
The latest en bloc site measures 23,084 sq ft, and together, Sing Holdings will have a total land area of 87,963 sq ft.
Source : Channel NewsAsia – 14 Dec 2011