Friday, August 3, 2012

Yeo Hiap Seng family leases out Robin Road apartments


Straits Times: Thu, Aug 02

THE family that founded food and beverage maker Yeo Hiap Seng is leasing out units at its residential development at Robin Road.

The 32 units at the 17-storey project, Fifteen Robin, will be offered solely for lease by privately-held firm T. K. Yeo.

A representative of the firm, Mr Nicholas Yeo, said the family chose to lease rather than sell the units as the land parcel had sentimental value.

Mr Yeo is the grandson of the late Mr Yeo Thian Kiew, one of Yeo Hiap Seng's founders and its managing director till 1969.

"It was my grandmother who was a believer in real estate and the one who spearheaded our property projects. She always maintained a long-term view of Singapore real estate and we thought it would be respectful for us to keep it, for sentimental reasons," he said. "But we've also decided to keep the development as we maintain a long-term view on the high-end property segment."

The freehold site in District 10 was previously home to the eight-unit Emerald Court. The firm bought the property more than 30 years ago and demolished it in 2010 for redevelopment.

Fifteen Robin is expected to obtain its Temporary Occupation Permit by this month with tenants expected to move in by mid-September.

Rents are estimated to range from $7,100 to $7,600 a month for a two-bedroom apartment of between 1,400 and 1,450 sq ft. The three-bedroom units, ranging from 1,800 to 1,850 sq ft, will cost between $8,500 and $9,300 a month.

The project is catered for mid-sized families, with the layout of the units evenly split between two-bedders and three-bedders, the firm said.

T. K. Yeo has a 75 per cent stake in the project while the remaining stake is held by another privately-held family firm.

This is the first high-rise residential project by T. K. Yeo.

  
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