Sing Hldgs buys two properties for $77.3m

SING Holdings has inked a deal to buy Robin Court and the next door 1 Robin Drive for a total $77.33 million.


This works out to about $1,363 per square foot of potential gross floor area.

No development charge is expected, Sing Holdings said in a regulatory filing with the Singapore Exchange yesterday.

The two freehold District 10 properties have a combined land area of about 40,518 square feet and are zoned for residential use with a 1.4 plot ratio (ratio of maximum potential gross floor area to land area).

Robin Court involves a collective sale and is subject to approval from the Strata Titles Board.

The properties were sold through a tender exercise handled by Credo Real Estate and which drew 10 bids. Sing Holdings was the highest bidder. When the tender was launched, the asking price was indicated as $66 million to $74 million.

Published September 20, 2010

Source: http://www.businesstimes.com.sg