Enbloc news: Robin Star

The BT today reported that Sing Holdings has acquired Robin Star for $47 million.

The 10-unit boutique development at 10 – 12 Robin Road will be combined with previously acquired Robin Court and 1 Robin Drive to make a combined site of 6,027.4sq m (= 64,878sqft).

The total purchase price of $124 million for the freehold sites translates to $1,297psf ppr, inclusive of estimated development costs of $5.28 million, Sing Holdings said.

Sing Holdings acquired Robin Court and 1 Robin Drive last September for $77.33 million.

The three sites were first collectively put up for sale in November 2007 by Credo Real Estate, sole owner of 1 Robin Drive and the agent representing the majority owners of Robin Court and Robin Star.

Credo slashed the asking price 40% the following year, putting Robin Court and 1 Robin Drive for $964-$996psf ppr, down from the initial asking price of $1,500-$1,600psf ppr.

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.

Looks like the smaller sites are still having a field-day as far as collective sales are concerned...
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So is interest rate going up soon?

This is the strongest hint yet, if the report in the Sunday Times is anything to go by.

The Minister for National Development, Mah Bow Tan, has advised Housing Board flat owners looking to upgrade to a private property to wait a little longer before signing on the dotted line.

Serious home buyers should be patient, said Mr Mah, as he expects interest rates and the supply of private properties to rise soon, and both these factors should help to curb the steady trend of rising prices.

“When that happens, you will be thankful that you didn’t buy right now!” he said.

The property market hit new highs last year, fuelled by strong demand from cash-rich buyers, low interest rates and strong economic growth.

Private home prices moved up 17.6% last year after rising just 1.6% the year before. Non-landed property, which includes condominium units popular with Housing Board upgraders, rose 14%.

Mr Mah said the Government is trying to dampen a “flock” mentality that seems to have developed among property investors lured by the promise of making a quick profit.

He added that the recent market cooling measures – which include hefty sellers’ stamp duties and lowered loan limits for second mortgages – should be seen in this context.

For those who cannot wait and need to upgrade their homes right now, Mr Mah said he believed the new measures should not deter them as long as they have sufficient cash flow.

The minister also said that the Government is studying the effects of the latest round of measures closely, and warned that it could act again in 3 to 4 months’ time.

If Singapore Pools will to offer odds on interest rate going up over the next 3 to 4 months, the wife and I will definitely put some money on it…


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Not 1 but 2 enbloc sales... but at lower than indicated prices.

As reported in the ST today, two collective sales have been completed.

However, both were at prices lower than earlier indicated, perhaps showing that recent cooling measures have tempered demand a little.

Marine Point
Marine Point in Marine Parade Road has been acquired by CapitaLand at $101 million. The owners wanted $110 million when the tender was launched in October.

If an estimated development charge of $12.8 million is included, the price works out to $1,056psf ppr, CapitaLand said.

Bartley Terrace
Bartley Terrace, near Bartley MRT station, was sold for $40 million. The tender was launched last year with an asking price of $48 million.

Meadows Investment, a firm owned by Mr Neo Tiam Boon, executive director of local property and construction firm Tiong Aik Group, bought the site in a private treaty, said marketing agent Urban Front yesterday.

The price works out to about $760psf ppr, inclusive of about $3 million in development charges and a 10% balcony allocation.

The District 19 freehold site has a land area of about 40,482sqft with a plot ratio of 1.4.

The owners of the 32 units stand to reap $1.14 million to $1.8 million each, Urban Front said.

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DTZ's property prices outlook: Not more than 5% decline for 2011

As reported in today's TODAY papers:



The wife and I did say that we expect a price drop of slightly more than 10% this year. But who are we to dispute the experts...?

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Enbloc News 2: Marine Point sold for $100 million!

It was reported in the 9.30pm news tonight that Marine Point has been sold for $100 million in a collective sale.


Buyer CapitaLand is redeveloping the property into a condominium with 150 units, comprising one-bedroom plus study and two-bedroom apartments.

Marine Point sits on a 51,185 sqft freehold site with a maximum gross floor area of 107,488 sqft. The Marine Point site is located along Marine Parade Road, opposite the bustling Marine Parade Town Centre and Parkway Parade shopping mall.

Inclusive of an estimated development charge of $12.8 million, the total acquisition cost works out to $1,056psf ppr.

First one to kick-start 2011, with more to go..?

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