71 Robinson Road

[RafflesCity]

Another old CBD block going residential

Robinson Rd office block to go residential

19 Apr 06

(SINGAPORE) Another ageing CBD office block looks set to make way for homes. BT understands that SingTel is likely to sell 71 Robinson Road - which houses Robinson Post Office - after securing provisional permission to redevelop the property into a 51-storey project.



Provisional approval has been granted for 315 apartments on the upper 44 storeys, which will be above a six-storey carpark podium and one level of commercial space.

The commercial space is expected to be at street level. The plot ratio - the ratio of potential gross floor area to land area - approved is 11.2. This means the project can be built up to a gross floor area of 274,746 sq ft - a significant enhancement from the existing 99,383 sq ft.

Approval is subject to the site being rezoned from commercial use to residential with commercial use on the first storey. A development charge will be payable to the state in exchange for the right to develop a bigger project on the site.

In addition, the successful developer is expected to apply to the authorities to top up the 24,531 sq ft site's lease from the remaining 45 years to the original 99 years.

The seven-storey building, formerly known as Crosby House, is at the corner of Robinson Road and McCallum Street.

Other ageing office blocks expected to make way for homes include NatWest Centre and Asia Chambers - both in McCallum Street - 1 Shenton Way and the HMC Building in Mistri Road.

SingTel is expected to put up 71 Robinson Road for sale in line with its policy of divesting non-core property to redeploy the resources to its core telco business.

In February, it sold a former telephone exchange in Old Holland Road for $30 million.

Tenders have closed for two sites in West Coast and Hillcrest roads.

By KALPANA RASHIWALA

[PJCCUK]

i like this kind of development .... 51 storeys, so how tall is that (roughly) in feet / metres?

can someone put up pictures of the natwest centre and asia chambers?

So is this the future of the 'back' of the cbd? a slow transformation into residential?

[Pengui]

Wow actually I'm glad that this old wannabe-office warehouse is gonna be redeveloped. The weird thing is, it's an exact copy of Afro-Asia building on another side of the road, except Crosby House has been repainted and looks much more presentable... But Crosby will go and Afro-Asia will stay... For now ^ ^

@PJCCUK: 51 storey residential should range around 160m (assuming no spire), which is just a bit shorter than nearby CPF building.

[RafflesCity]

based on this article...it may not be redeveloped into an apartment...

SingTel set to launch 71 Robinson Rd tender

27 Jul 06

SINGAPORE Telecom is getting ready to launch a tender for 71 Robinson Road, which now houses Robinson Road Post Office and was formerly known as Crosby House, sources say.

And although SingTel reportedly secured provisional permission last year to redevelop the property into a slightly over 50 storey project comprising more than 300 apartments, six levels of car parks and commercial use on street level, market watchers now think potential buyers could consider redeveloping the site into a full commercial project instead.

The latter would enable a developer to ride on rising office rents amid tightening supply.

Analysts suggest the total land cost for the site could be about $110 million, reflecting a unit land price of about $400 psf of potential gross floor area.

These figures include the purchase cost payable to SingTel plus payments to the state for intensifying the use of the site and topping up the lease from the remaining 45 years to the original 99 years.

The site is now zoned for commercial use with an 11.2 plot ratio under Master Plan 2003.

URA's provisional permission for a residential scheme with commercial use on ground floor was based on the same plot ratio - but is subject to the site being rezoned from commercial use to residential with commercial use on the first storey.

Based on an 11.2 plot ratio, a development can be built up to a gross floor area of 274,746 sq ft - reflecting a significant enhancement from the existing 99,383 sq ft.

BT understands that SingTel has appointed a property consultant to handle the sale of the leasehold property.

Sources tip the appointee to be Credo Real Estate, which handled the sale of SingTel's Old Holland Road and West Coast road sites. Credo declined to comment yesterday.

71 Robinson Road has a land area of 24,531 sq ft. SingTel has been divesting non-core property to redeploy resources to its core telco business.

In February, SingTel sold the freehold former telephone exchange at 859 Old Holland Road for $30 million or $513 psf of net land area to a company whose ultimate shareholders include Indonesia's Tjugito family, linked to the Eagle Indo Group.

The new owner plans a cluster housing project.

SingTel has also sold a leasehold site at West Coast Road to Frasers Centrepoint at a price that reflects an all-in land cost of about $220 psf per plot ratio inclusive of payments to state.

Another property that SingTel divested this year is a prime leasehold site at Hillcrest Road, sold to MCL Land in May for $102.5 million. MCL plans a cluster housing development.

[RafflesCity]

SingTel's sale of former Crosby House set to attract keen interest

24 Aug 06

RIVAL developers from here and overseas are expected to be in the race for SingTel's ageing Robinson Road building, which was put up for sale yesterday.
The seven-storey block at No. 71 - once known as Crosby House - is one of the last underdeveloped sites on the prime financial district street.

The 1950s property, which houses the Robinson Road Post Office, could be turned into a 35-storey office building or a 52-floor apartment block.

Marketing agent Credo Real Estate said the sale by tender could yield about $143 million, which would include a fee to intensify the land use and top up the remaining 45 years lease to 99 years.

The price would work out to $521 per sq ft (psf) per plot ratio. This would enable the new owner to sell a redeveloped office building for $1,300 psf.

In June, the 35-storey SIA building a few doors down was sold to CLSA Capital Partners for $343.9 million or $1,165 psf.

Credo managing director Karamjit Singh said the positive outlook for both the office sector and inner-city apartments should ensure a high level of interest from local developers and foreign funds backed by developers.

The new owners could build flats on the site as SingTel has been granted the permission to redevelop the building into a 52-storey, 330-unit apartment block with shops on the first level.

Leasehold inner-city apartments are in demand, judging from prices of The Sail @ Marina Bay in the new downtown. Units here are going for between $1,000 psf and $1,400 psf in the resale market, said Credo.

The Clift at the Natwest Centre site at nearby McCallum Street is being marketed at between $1,000 psf and $1,100 psf.

About 120 units of the 312-unit project have been sold since its preview early last month.

However, it may be better to redevelop SingTel's block as an office building considering the shortage of office space, said Mr Donald Han, managing director of property consultancy Cushman & Wakefield.

Robinson Road is still a respectable address for offices, he said.

'It's also quite a sizeable plot,' he said, adding that the new development would be similar in size to one tower of SGX Centre in Shenton Way.

The tender closes on Sept 28.

By Joyce Teo, Property Correspondent

[heirloom]

i think afro-asia buildign looks much better without those useless colours!

[RafflesCity]

yes I like the clean simple lines of the Afro-Asia Building

SingTel sells Robinson Road building for S$163.4m

20 Oct 06

SINGAPORE : SingTel has sold a building at 71 Robinson Road, formerly known as Crosby House, for S$163.4 million.

The buyer is a joint venture between Kajima Overseas Asia and Lehman Brothers.

SingTel will book a gain of S$143.5 million from the sale.

The book value of the site is about S$19.7 million, while its open market value is estimated at S$69 million.

The property sits on a land area of nearly 2,300 square metres at the junction of Robinson Road and McCallum Street.

The seven-storey commercial building is currently leased mainly to third parties.

SingTel says the property is not required for SingTel's operations and its sale will not affect the company's other operations.

The sale is expected to free up cash resources and allow SingTel to re-deploy them in its core telecoms business and new investments.

By Loh Kim Chin, Channel NewsAsia

[babystan03]

Wow....after 5 years, CBD would be quite different......

[RafflesCity]

yah this site I hope builds up to its maximum potential....there are also quite a few vacant sites at the older part of CBD that could attract buyers...so even the older parts are not being neglected

read that the office stock is getting saturated...its time for more highrise office buildings

[babystan03]

Originally Posted by RafflesCity

yah this site I hope builds up to its maximum potential....there are also quite a few vacant sites at the older part of CBD that could attract buyers...so even the older parts are not being neglected

read that the office stock is getting saturated...its time for more highrise office buildings

Thats great......time for a CBD facelift.......

[Cliff]

omg, cbd is going to be the next orchard

[RafflesCity]

Building has now been boarded up for demolition at street level.

Read last year that a 'short' office block is planned to replace it (under 20 storeys)

[Baby]

Originally Posted by RafflesCity

Building has now been boarded up for demolition at street level.

Read last year that a 'short' office block is planned to replace it (under 20 storeys)

Limited by URA on the height ? Anyone can get a rendering will be good.

[RafflesCity]

Actually the height can be built for at least a 30-storey office block (or 50-storey residential), but the news reported that the developer wants a fat and shorter office block. bleah.

[Singapor3]

Sigh, don't understand what these developers are thinking, government should set a MINIMUM height restriction, don't waste land that are so precious in singapore.

[Gid]

well, shorter fatter buildings will allow for bigger floor plates - a major factor that most financial companies look for when leasing a property.

a tall buildling will result in smaller floor plates as the higher you go, the more service space you need on each floor (elevator cores, stairwells, air-con ducts, pipes, AHUs etc etc). These results in each floor plate becoming more fragmented.

the ura has probabaly also set a limit on the plot ratio, so a short fat building actually maxes out the full plot ratio just like a tall thin tower.

[Singapor3]

That might be true but it doesn't contribute to the skyline!!

[Baby]

Originally Posted by Gid

well, shorter fatter buildings will allow for bigger floor plates - a major factor that most financial companies look for when leasing a property.

a tall buildling will result in smaller floor plates as the higher you go, the more service space you need on each floor (elevator cores, stairwells, air-con ducts, pipes, AHUs etc etc). These results in each floor plate becoming more fragmented.

the ura has probabaly also set a limit on the plot ratio, so a short fat building actually maxes out the full plot ratio just like a tall thin tower.

That's right.
The recent Anson/Enggor commercial site awarded has also decided to build just a 18 floor office tower although it can built up to 40+ storeys. Same reason for big floor plate - financial institution's favourites.

Look at ORQ, MBFC, all are big square building with big floor plates. I believe the two white sites at Marina View will be similar.

[RafflesCity]

A pic of it taken before it was wrapped up for demolition.
Buildings of its era are fast running out in the CBD.

[RafflesCity]

Lehman Brothers, Kajima to invest S$450m in Singapore office project

19 Sep 07

SINGAPORE : Some 280,000 square feet of prime Grade A office space will be ready by mid-2009.

The S$450 million development, targeted at banks and financial institutions, will be located at 71 Robinson Road.

It is a partnership between property development firm Kajima and investment bank Lehman Brothers.

Demolition works started in July.

Rents will be priced in line with market rates and already four financial institutions are looking at being anchor tenants for the development.

Currently, the vacancy rate for prime Grade A office space is less than 1.65 per cent.

Jones Lang LaSalle estimates demand at almost two million square feet of new office space per year, with the expansion of multi-national companies - and a short term supply crunch - driving the market. CNA