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The buyer is believed to be D’League Pte Ltd, whose majority shareholder is Indonesian businessman Nurdian Cuaca. The company holds the Asia distributorship for Richard Mille, an upscale Swiss watch brand. Photo: Google Street View
A freehold retail unit facing Tanglin Road has been sold for $43 million or $4,586 per sq ft (psf) based on the property’s 9,375 sq ft strata area, which includes a private car park.
Situated opposite Tudor Court Shopping Gallery, the property is being sold by a Singaporean involved in various businesses including restaurants, while the buyer is believed to be D’League Pte Ltd.
With Indonesian businessman Nurdian Cuaca the majority shareholder, the company holds the Asia distributorship for Richard Mille, an upscale Swiss watch brand, reported The Business Times.
Singapore currently has two Richard Mille boutiques – at Marina Bay Sands and Grand Hyatt Singapore at Scotts Road.
Market watchers believe the company will open another watch showroom at the newly acquired property, which is the sole commercial unit within St Martin’s Apartment.
The low-rise project at 1 St Martin’s Drive also features 16 apartment units.
The commercial unit acquired by D’League has 42% share value within the development, which means it will play a key role for any future en bloc sale of the development.
Under the 2019 Master Plan, the project is zoned “Residential with Commercial at first storey”, with a plot ratio of 1.4.
If D’League does open another Richard Mille outlet at the property, it would mark a return of the brand near a location where it previously had a presence –in Nassim Road, noted market watchers.
A much sought-after status symbol, a Richard Mille watch is priced between $120,000 and over $2 million here.
Founded by Dominique Guenat and Richard Mille in 2001, the brand is based in Les Breuleux, Switzerland.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg