En bloc site relaunched with 40% lower price tag

http://www.channelnewsasia.com/stori...362273/1/.html

Robin Court, 1 Robin Drive relaunched for collective sale

Posted: 23 July 2008 2026 hrs


SINGAPORE : Owners of Robin Court and No. 1 Robin Drive are putting their properties up for collective sale for a second time. But this time, their asking price is 40% below their initial expectations.

The indicative price of the combined plots is now S$58 million to S$60 million. No development charge is payable for redeveloping the site.

The prime District 10 parcel at Robin Drive, off Bukit Timah Road, is a few minutes' walk from the newly-announced Stevens MRT station. It spans more than 40,000 square feet, with a gross plot ratio of up to 1.4.

Credo Real Estate, which is marketing the deal, said the land cost is about S$964 to S$996 per square foot per plot ratio. At this price, the developer is expected to be able to breakeven at about S$1,470 to S$1,500 per square foot.

The new development could accommodate a luxurious residential project with a gross floor area of 62,398 square feet. It could yield 30 apartment units with an average size of 2,000 square feet each. - CNA /ls

http://www.businesstimes.com.sg/sub/...89115,00.html?

Published July 24, 2008

En bloc site relaunched with 40% lower price tag

Elsewhere, Straits Trading asking $162m for Gallop Gables apartments

By UMA SHANKARI


A DISTRICT 10 collective sale site at Robin Drive, off Bukit Timah Road, has been relaunched for sale - with a new asking price as much as 40 per cent lower in view of the current market sentiment.

http://www.businesstimes.com.sg/mnt/...S_UMPROP24.jpg
Gallop Gables: Straits Trading owns two blocks consisting of 38 large apartments which are tenanted. The condo off Farrer Road has seven low-rise blocks with 140 apartments in all

The two properties on the site are now being sold for $964-$996 per square foot per plot ratio (psf ppr), a downgrade from the initial asking price of $1,500- $1,600 psf ppr when the site was first launched in December 2007.

The property was not the only one to be put on the market yesterday. The Straits Trading Company has put up for sale two blocks of apartments at Gallop Gables with a price tag of about $162 million, or $1,500 psf.

The Robin Drive site now consists of two properties - Robin Court and No 1 Robin Drive. Robin Court is an apartment block with 15 units while No 1 Robin Drive is a detached house now occupied by a preschool.

The indicative price of the combined plots is now $58-$60 million. If the developer maximises the potential of building up to 10 per cent of gross floor area (GFA) for balconies, the land rate works out to be about $964-$996 psf ppr, said Credo Real Estate, which is marketing the sites.

The majority owners of Robin Court had agreed to the collective sale before amendments to the en bloc laws took effect last October. But now, they have begun signing the collective sale agreement to lower the reserve price in view of the current cautious sentiment in the property market, Credo said.

No development charge is payable for redevelopment of the site at a plot ratio of up to 1.4, with a further 5.5 per cent in GFA for balconies, said Yong Choon Fah, Credo's executive director.

The new development on the site could accommodate a luxurious residential project with a GFA of about 62,398 sq ft and can be configured into 30 apartments with an average size of 2,000 sq ft each, Credo said.

The developer should be able to break even at about $1,470-$1,500 psf, the firm added.

The expressions of interest (EOI) exercise for the two properties will close at 2.30pm on August 14.

Elsewhere, Straits Trading is selling two blocks consisting of 38 large apartments in Gallop Gables. Situated off Farrer Road, Gallop Gables, which was completed in 1997, has seven low-rise blocks with 140 apartments in all.

Straits Trading's apartments have been retained for investment since completion. The 38 apartments have a total gross floor area of about 108,170 sq ft.

The apartments are tenanted and 'present an opportunity to purchase an income-producing investment with capital growth potential', said Knight Frank, the property firm marketing the two blocks.

The EOI for the apartments will close on September 9 at 3pm.

http://www.straitstimes.com/Money/St...ry_260781.html

July 24, 2008

Asking price for collective sale site slashed by 40%

By Fiona Chan, Property Reporter


THE owners of a site off Bukit Timah Road are trying again for a collective sale - but after slashing the original price by nearly 40 per cent because of the grim market.

They want $58 million to $60 million for Robin Court, a walk-up block of 15 flats, and No. 1 Robin Drive, a detached house that hosts a preschool.

The new price tag for the 40,518 sq ft parcel works out to $964 to $996 per sq ft (psf) of the total potential floor area of about 62,400 sq ft. This is almost 40 per cent below the $1,500 to $1,600 psf they sought during their first sale attempt last year when the property market was buzzing.

Ms Yong Choon Fah, executive director of Credo Real Estate, which is marketing the District 10 site, said Robin Court's majority owners had agreed to sell en bloc before collective sale rules were changed in October. They are re-inking the sale agreement to lower the reserve price. A developer could build 30 high-end apartments of 2,000 sq ft each. The breakeven cost would be $1,470 to $1,500 psf of floor area, estimated Ms Yong.

The site was first put up for sale in November along with Robin Star, a 10-unit apartment block that is not included in the latest sale effort.

Meanwhile, buyers are being sought for two blocks of apartments at Gallop Gables off Farrer Road. Property firm Knight Frank is inviting expressions of interest for the 38 tenanted apartments, which have been kept for investment since completion of the project in 1997.

The properties are owned by Straits Trading. The indicative price is $1,500 psf, which works out to about $4.5 million for each apartment, or $171 million in total.

Quote:

---

Originally Posted by mr funny

http://www.straitstimes.com/Money/Story/STIStory_260781.html

July 24, 2008

Asking price for collective sale site slashed by 40%

By Fiona Chan, Property Reporter


THE owners of a site off Bukit Timah Road are trying again for a collective sale - but after slashing the original price by nearly 40 per cent because of the grim market.

They want $58 million to $60 million for Robin Court, a walk-up block of 15 flats, and No. 1 Robin Drive, a detached house that hosts a preschool.

The new price tag for the 40,518 sq ft parcel works out to $964 to $996 per sq ft (psf) of the total potential floor area of about 62,400 sq ft. This is almost 40 per cent below the $1,500 to $1,600 psf they sought during their first sale attempt last year when the property market was buzzing.

Ms Yong Choon Fah, executive director of Credo Real Estate, which is marketing the District 10 site, said Robin Court's majority owners had agreed to sell en bloc before collective sale rules were changed in October. They are re-inking the sale agreement to lower the reserve price. A developer could build 30 high-end apartments of 2,000 sq ft each. The breakeven cost would be $1,470 to $1,500 psf of floor area, estimated Ms Yong.

The site was first put up for sale in November along with Robin Star, a 10-unit apartment block that is not included in the latest sale effort.

Meanwhile, buyers are being sought for two blocks of apartments at Gallop Gables off Farrer Road. Property firm Knight Frank is inviting expressions of interest for the 38 tenanted apartments, which have been kept for investment since completion of the project in 1997.

The properties are owned by Straits Trading. The indicative price is $1,500 psf, which works out to about $4.5 million for each apartment, or $171 million in total.

---

Actually the condition of the units here must be pretty bad. Otherwise, I am sure that the units can fetch at least 900 psf without having to go en bloc. The location is fantastic. Very poor marketting of these units..