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Sing Holdings offloads Robin Residences

By Michael Lim

/ The Edge Property |

March 13, 2017 10:00 AM SGT

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In a filing to the Singapore Exchange on March 10, Sing Holdings says it has sold its 100% stake in Sing Holdings (Robin) Pte Ltd to a group of Singaporeans. The buyers were reported to be the co-founders of Evia Real Estate, Leslie Lim and Vincent Ong, who paid $72.7 million for the remaining 29 units at Robin Residences condominium that were owned by Sing Holdings. The 134-unit freehold condominium on Robin Drive was developed by Sing Holdings (Robin).

The deal is understood to have taken place just before the new stamp duty rate came into effect on March 11. Besides Sing Holdings, several other developers and buyers were said to have scrambled to avoid the newly introduced additional conveyance duty (ACD).

Another deal was reported to be the purchase of 28 units at TwentyOne Anguilla Park for around $160 million. The acquisition was said to be by a consortium led by Ben Yeo, former managing director of engineering and property group Guthrie GTS.

The third deal was for the purchase of over 80 units at The Line@Tanjong Rhu for an undisclosed price through a transfer of shares.

With the implementation of the ACD, buyers must now pay a duty of 1% to 3% of the value of underlying residential properties and a flat 15% of the value of those assets, on top of the 0.2% share duty tax. Sellers who are significant owners disposing of their equity stake within three years of acquisition will have to pay a flat 12% levy.

The move by the government is aimed at aligning the rate applied to the transfer of shares in companies owning properties with the rate applied to normal property deals.

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