The collective sale of a 16-unit apartment located at Robin Road has gone through for $52 million, says property consulting firm Credo Real Estate.
The winning bid came from Sing Holdings, which vied for the two 4-storey block apartment that forms part of four adjoining properties.
Ms Yong Choon Fah, Executive Director of Credo Real Estate, said: "More than 80% of the owners at 2 to 8 Robin Road have consented to Sing Holdings' offer of $52 million, which translates to $1,462 psf ppr based on an allowable plot ratio of 1.54, including balconies."
Ms Yong added "Development charge is not payable for the 10% balconies Gross Floor Area space allowed."
Sing Holdings had previously won the tender for two other adjoining developments: Robin Court for $77.33 million and Robin Star for $47 million via by private treaty.
Combined, the site can be turned into a joint condominium development of up to five storeys.
The latest en bloc site measures 23,084sqft, and together, Sing Holdings will have a total land area of 87,963 sqft.
Source: Channel News Asia
It took 2 additional months of negotiations after the tender closed and the final price is a tad shy of the $58 million that owners were originally asking for, but the collective sale did garner a favorable result...
Click below to read our original post about this collective sale:
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