Sing Holdings will be acquiring another freehold residential site along Robin Road, after entering into a sale and purchase agreement (SPA) to purchase a 16-unit apartment site at 2 to 8 Robin Road for S$52 million.
"More than 80 percent of the owners at 2 to 8 Robin Road have consented to Sing Holdings' offer of S$52 million, which translates to S$1,462 per square foot per plot ratio (psf ppr) based on an allowable plot ratio of 1.54, including balconies," said Yong Choon Fah, Executive Director of property consulting firm Credo Real Estate.
"Development charge (DC) is not payable for the 10 percent balconies GFA space allowed," she added.
Meanwhile, Sing Holdings CEO Lee Sze Hao said the recent acquisition of the Robin Road site is a strategic one, despite the recent cooling measures.
"The site, when amalgamated with our existing land parcels, will form an island site with a regular shape. The bigger land area will allow more flexibility in design and layout," he said.
This latest acquisition brings the firm's total number of properties along Robin Road to four, with the other properties being Robin Court, Robin Star and 1 Robin Drive. Overall, the adjoining sites have a cumulative purchase price of S$176.3 million and a total land area of approximately 87,962.6 sq ft. Related Stories:Condo sizes shrink againHome sales trickle in despite curbsMore investors shifting to commercial properties