Three adjoining freehold properties at Robin Drive, off Bukit Timah Road, have been put up for joint collective sale.

On the market: Credo Real Estate has indicated a price range of $128-138 million for the combined plots, which have a total land area of 64,878 sq ft

Credo Real Estate, the marketing agent representing the majority owners of Robin Court and Robin Star and the sole owner of No 1 Robin Drive, has indicated a price range of $128-138 million for the combined plots, which have a total land area of 64,878 sq ft. This reflects a unit land price of about $1,500-1,600 psf of potential gross floor area inclusive of an estimated $8 million development charge.

Based on this, the breakeven cost for a new condo on the site works out to about $2,075-2,190 psf, Credo executive director Yong Choon Fah said. The combined site of the three properties is large enough for a condo with about 43 units averaging 2,000 sq ft.

The site is zoned for residential use with a 1.4 plot ratio (ratio of maximum potential gross floor area to land area) and a five-storey maximum height.

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.

Owners controlling more than 80 per cent of share values in each of Robin Court and Robin Star, and the sole owner of No 1 Robin Drive have agreed to the sale, Credo said. The tender for the three properties closes on Dec 12.

Source: Business Times

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