Robin Star sold to Sing Holdings

SINGAPORE - Boutique development Robin Star has been sold to high-end property developer Sing Holdings for $47 million, according to Credo Real Estate which brokered the deal.

Located at Robin Road, off Bukit Timah Road, the 10-unit property was sold by private treaty, said Ms Yong Choon Fah, executive director of Credo Real Estate.

Robin Star which has a land area of about 24,360 sq ft has been zoned for residential development of up to a gross plot ratio of 1.4 and has an allowable height of up to five storeys.

The total gross floor area (GFA) is about 37,515 sq ft based on a gross plot ratio of 1.4 with an additional 10 per cent for balconies.

The site may yield about 36 apartment units with an average size of 1,000 sq ft each, depending on the layout, configuration and development charge (DC).

The DCs payable are estimated at $5.28 million for the development of the site, said Ms Yong. "This translates to a land rate of approximately $1,393 per sq ft (psf) on potential GFA after factoring DC," she said, adding that the rate is similar to Serene House's $1,388 psf per plot ratio.

With the purchase of Robin Star, Sing Holdings can lower the average cost of the new development by incorporating the adjoining Robin Court and 1 Robin Drive, said Credo Real Estate.

Sing Holdings bought Robin Court and 1 Robin Drive for $77.33 million in a hotly contested en-bloc exercise back in September last year. The sale of both properties was also handled by Credo Real Estate.

Located in the prestigious District 10, Robin Star is walking distance away from renowned schools such as The Singapore Chinese Girl's School, Anglo-Chinese School (Barker) and the Chinese International School.

The Stevens Road MRT Station, which is expected to be fully operational in 2015, is less than 250m away from the site, said Credo Real Estate. Jo-Ann Huang



by Jo-Ann Huang Limin
05:55 AM Jan 31, 2011

Source: www.todayonline.com