65 Office Units In Crown At Robinson Being Bought For S$3,650 Psf
SINGAPORE – Indonesian billionaire Tahir is understood to be in the early stage of buying 65 strata office units at Crown At Robinson, according to a report from The Business Times that was updated on Monday morning (11 October, SGT).
Overall, the business mogul is buying 70,700 sq ft of assorted strata space at the 19-storey building along 140 Robinson Road for a total of almost S$260 million. This mainly consists of office space and 8 retail units. The space being acquired works out to roughly 80 percent of the freehold development’s overall strata area and share value.
The assets are being purchased from a subsidiary of Wywy Group, which built Crown At Robinson. The mixed-use development’s site was originally acquired by the seller for S$101 million in 2010.
Built 5 years ago, Crown At Robinson is zoned for commercial use and has a gross plot ratio of 11.2 under the 2019 Master Plan.
Michelle Lek, who works for Quillion Global, a property investment advisory firm catering to extremely wealthy customers, is believed to be representing Tahir in the deal.
Notably, Tahir founded Indonesia-based Mayapada Group, which has interests in property, healthcare, and financial services. In fact, his family holds stakes in Maha Properti Indonesia and Bank Mayapada. Tahir also has interests in media via Forbes Indonesia.
In Singapore, Tahir’s first office acquisition was the 12-storey RCL Centre, which he purchased from Regional Container Line in 2011 for S$175 million or about S$1,890 psf. The commercial property was later rebranded as ABI Plaza and injected into SGX-listed MYP, which is controlled by Tahir’s son Jonathan. In 2020, ABI Plaza was divested for S$200 million.
MYP also bought the former Straits Trading Building, a 28-storey office complex standing on a 999-year leasehold site, from Sun Venture Group in 2016 for S$560 million. The asset is now called MYP Centre.
In his private capacity, the elder Tahir also purchased 110 Robinson Road, a 12-storey freehold office block, from OCBC in 2016 for S$45.1 million.