Robin Court, with an adjoining bungalow located at Robin Drive, and Amber Glades, situated off Amber Road, are being put up for collective sale for the third time.
Amber Glades was first launched for sale in October 2007, with a selling price of $145 million or $1,345 psf ppr, including a development charge. In April 2008, the 63-unit freehold project was re-launched for sale at $127 million, or $1,140 psf ppr, including a development charge. This was 15 percent cheaper compared to the first offer in 2007.
Although there were no takers, it is being launched for sale for the third time, and the sellers are asking for $130 million, or $1,091 psf ppr including a $7.5 million development charge.
“With an evident pick-up in momentum for collective-sale sites, low interest rates and depleting land banks among developers, we are optimistic this corner plot will draw keen interest, particularly as it is in a part of Katong where many new projects have enjoyed good sales,” Mr. Ho Eng Joo, executive director for investment sales at Colliers International, told The Business Times.
The buyer can redevelop the property into a 22-storey residential development comprising some 84 units of 1,500 sq ft each, or 150 units of 840 sq ft each, said Colliers International, the marketing agent selling the property.
Meanwhile, Robin Court and the adjoining No. 1 Robin Drive also share similar stories. In late 2007, the two properties were put up for sale, with a selling price of $ 1,500 psf ppr to $1,600 psf ppr.
After the failed tender, both properties were re-launched for sale in July 2008 for about $58 million to $60 million, or $964 psf ppr to $996 psf ppr. This was 40 percent cheaper compared to its first asking price, but still no takers tried to bid on the properties.
Now, the owners are asking for about $66 million to $74 million, or around $1,046 psf ppr to $1,172 psf ppr.
“We believe this offering will be hot,” said Mr. Karamjit Singh, managing director of Credo Real Estate. “This is a District 10 site with a prestigious No. 1 Robin Drive address. It enjoys the convenience of a train station a stone’s throw away, and is within walking distance of the most popular primary schools. On top of that, the sellers’ expectations are very reasonable.”
Around 60 apartment units with an average size of 1,000 sq ft can be constructed on the site, according to Credo, which is in charge of marketing the project.
A developer would have a break even of approximately $1,600 psf to $1,750 psf, said Mr. Singh.