http://www.businesstimes.com.sg/arch...red-lease-only
Published August 02, 2012
All Fifteen Robin units offered for lease only
Developer not selling units because of sentimental reasons
By Felda Chay
THE developer behind Fifteen Robin, a high-end residential development sitting along Robin Road, has put all 32 units of the project on the market - but for lease only.
The 17-storey building is developed by TK Yeo, a real estate investment holding company founded by the late Yeo Thian Kiew, co-founder and managing director of Yeo Hiap Seng Holdings.
Fifteen Robin comprises an equal mix of two and three-bedroom apartments. The 16 two-bedroom homes average around 130 square metres (1,399 square feet) in size, while the three-bedders come at the average size of 170 sq m.
A representative for TK Yeo, Nicholas Yeo, said that it is looking to lease out the units at between $7,100-7,600 for the two-bedroom homes, and between $8,500-9,300 for the three-bedroom units.
Fifteen Robin is scheduled to obtain temporary occupation permit in August, and leases should commence in September, added Mr Yeo.
The property is a five-minute drive from Orchard Road and 15 minutes away from the central business district. It is also within walking distance of Stevens MRT station, which is currently under construction, and Newton MRT station. Schools located within the kilometre range of Fifteen Robin include Singapore Chinese Girls' School and Anglo Chinese School (Primary and Barker Road).
Tenants of the development will get to enjoy great views, with the Botanic Gardens located nearby, said Mr Yeo.
"The views are unblocked because Fifteen Robin is situated at the fringe of the high-rise zone. Fronting Fifteen Robin are landed properties, and some low-rise residential."
He added that the main idea behind the "stacking" design of the property, designed by Studiogoto, "was to create interesting spaces for high-rise habitats, instead of repetitive stacking of floor after floor".
"The finesse of the detailing is drawn from finely crafted leather boxes - and stacking them up creates a dynamic character to the building."
Mr Yeo, who is the grandson of the late Yeo Thian Kiew, said that TK Yeo is putting the homes up for lease and not for sale because of sentimental reasons.
"The project was purchased by my grandmother, who bought a 75 per cent stake in it more than 30 years ago because she had great faith in Singapore's future and potential.
"Land was scarce then, so she felt it was always good to have some land. It would also be a good hedge against inflation."
Another reason, he said, is the developer's fondness for the property.
"We like the property a lot. We used high end materials for the development, which are durable and meant to last. We also like the location, which is centrally located and convenient. The site is also highly accessible.
"We usually take a long term view on projects."
TK Yeo is behind a number of landed home projects in districts 9, 10 and 11, some of which were also available only for lease. It owns a 75 per cent stake in Fifteen Robin, while the remaining share is owned by a private investor who declined to be named. Fifteen Robin is TK Yeo's first high-rise residential project. Knight Frank has been appointed the leasing agent for the development.
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