The BT today reported that Sing Holdings has acquired Robin Star for $47 million.
The 10-unit boutique development at 10 – 12 Robin Road will be combined with previously acquired Robin Court and 1 Robin Drive to make a combined site of 6,027.4sq m (= 64,878sqft).
The total purchase price of $124 million for the freehold sites translates to $1,297psf ppr, inclusive of estimated development costs of $5.28 million, Sing Holdings said.
Sing Holdings acquired Robin Court and 1 Robin Drive last September for $77.33 million.
The three sites were first collectively put up for sale in November 2007 by Credo Real Estate, sole owner of 1 Robin Drive and the agent representing the majority owners of Robin Court and Robin Star.
Credo slashed the asking price 40% the following year, putting Robin Court and 1 Robin Drive for $964-$996psf ppr, down from the initial asking price of $1,500-$1,600psf ppr.
Robin Court comprises 15 apartments, Robin Star 10 apartments, and No 1 Robin Drive is a detached house with a pre-school operating on its site.
Looks like the smaller sites are still having a field-day as far as collective sales are concerned...
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