
Enthusiasm to push ahead with an enbloc sale despite lack lustre market sentiment has forced some owners to lower their expectations. This is what owners at Robin Drive did when they relaunched their property for enbloc sale. However because of the present market sentiment, owners decided to drop their price by 40% in a bid to attract buyers. The two properties on the site are now being sold for $964-$996 per square foot per plot ratio (psf ppr), a downgrade from the initial asking price of $1,500- $1,600 psf ppr when the site was first launched in December 2007.
The Robin Drive site now consists of two properties – Robin Court and No 1 Robin Drive. Robin Court is an apartment block with 15 units while No 1 Robin Drive is a detached house now occupied by a preschool.
The enbloc sale is handled by Credo Real Estate that in 2007 helped Farrer Court get the sale price of $1.3388 billion.
Tags: Bargain Corner, enbloc sale, land development, new property development, real estate investors
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