Thursday, December 15, 2011

Sing Hldgs buys another Robin Rd site

Business Times: Thu, Dec 15
SING Holdings will be acquiring another freehold residential site along Robin Road at an en bloc price of $52 million.

The property developer has since entered into a sale and purchase agreement to buy the 16-unit apartment development located at 2 to 8 Robin Road.

Giving more details, 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 per square foot per plot ratio (psf ppr) based on an allowable plot ratio of 1.54, including balconies. Development charge, (which) is not payable for the 10 per cent balconies gross floor, are space allowed.'

Under the 2008 Master Plan, the land parcel has a maximum allowable height of five storeys.

Factoring in the 10 per cent balcony area allocation, the completed site could yield a gross floor area of around 135,462.4 square feet.

The latest acquisition brings the developer's total tally of properties along Robin Road to four. The other properties are 1 Robin Drive, Robin Court, and Robin Star.

Collectively, the adjoining sites have a cumulative purchase price of $176.3 million and a total land area of about 87,962.6 sq ft.

Convinced that the amply sized plot will enhance the value of the completed development, Sing Holdings CEO Lee Sze Hao said: 'Despite the recent cooling measures, the latest acquisition of this Robin site is a strategic one.

'The site, when amalgamated with our existing land parcels, will form an island site with a regular shape. The bigger land area will allow more flexibility in design and layout.'

The District 10 residential site - flanked by roads such as Bukit Timah Road, Robin Road, Robin Drive, and Robin Close - is located within a stone's throw from the upcoming Stevens MRT station, which is slated to be completed by 2015, as well as popular schools, such as Singapore Chinese Girls' Primary School and Anglo-Chinese School (Barker Road).

Source: Business Times © Singapore Press Holdings Ltd

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