Freehold apartment block on Robin Drive sold for $17 mil

By
/ EdgeProp Singapore
|
July 5, 2021 7:31 PM SGT
SINGAPORE (EDGEPROP) - A freehold development at 6A/B/C Robin Drive has been sold for $17 million to Robin Development, which represents a consortium of unnamed local property developers. (See also: Freehold three-bedder at Dynasty Lodge going for $2.99 mil)
Edmund Tie was the sole marketing agent for the 10,245 sq ft site when it was first put up for sale in an open tender in December 2020.
The sale of the property was secured in March this year and the entire sales process was completed on July 5. The sale price reflects a land rate of $1,454 psf per plot ratio.
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6A Robin Drive - EDGEPROP SINGAPORE
The freehold development was sold to a consortium of local developers at $1,454 psf per plot ratio
The regularly shaped plot that the development occupies is zoned “residential” under the 2019 Master Plan, with a gross plot ratio of 1.4.
The site is close to Stevens MRT Station on the Downtown Line, but it will become an interchange when it is connected to the Thomson-East Coast Line in 2022. Amenities such as recreational clubs, supermarkets and eateries also surround the site. Nearby schools include Singapore Chinese Girls’ School and Anglo-Chinese School (Primary).
“The tender attracted very keen interest from both investors and developers due to its prime location and bite-sized quantum,” says Swee Shou Fern, executive director, investment advisory, at Edmund Tie.
The site can be redeveloped into a new upmarket boutique development of up to 13 apartments, based on an average unit size of 100 sq m (1,076 sq ft).
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