http://www.businesstimes.com.sg/sub/...03940,00.html?
Published January 31, 2011
Sing Hldgs adds Robin Star to adjacent properties
SING Holdings has acquired Robin Star for $47 million. The 10-unit boutique development at 10-12 Robin Road will be combined with previously-acquired Robin Court and 1 Robin Drive to make a combined site of 6,027.4 sq m.
The total purchase price of $124 million for the freehold sites translates to $1,297 per square foot per plot ratio (psf ppr), inclusive of estimated development costs of $5.28 million, Sing Holdings said.
Sing Holdings acquired Robin Court and 1 Robin Drive last September for $77.33 million.
The three sites were first collectively put up for sale in November 2007 by Credo Real Estate, sole owner of 1 Robin Drive and the agent representing the majority owners of Robin Court and Robin Star.
Credo slashed the asking price 40 per cent the following year, putting up Robin Court and 1 Robin Drive for $964-$996 psf ppr, down from the initial asking price of $1,500-$1,600 psf ppr.
Robin Court comprises 15 apartments, Robin Star 10 apartments, and No 1 Robin Drive is a detached house with a pre-school operating on its site.
Sing Holdings CEO Lee Sze Hao said the three sites combined are expected to offer a large enough size for 'good layout and design'.
The developer currently has two other projects: BelleRive, a 15-storey apartment building off Bukit Timah Road, and The Laurels, a 19-storey residential complex on Cairnhill Road. These have been 94 and 90 per cent sold, respectively, Sing Holdings said.