Buyer is company which holds the Asia distributorship for luxe watch brand Richard Mille
A FREEHOLD commercial unit fronting Tanglin Road has been sold for S$43 million.
Located opposite Tudor Court Shopping Gallery, the price for the property works out to S$4,586 per square foot based on the strata area of 9,375 sq ft (inclusive of a private car park).
The buyer is understood to be D’League Pte Ltd, which holds the Asia distributorship for upscale Swiss watch brand Richard Mille.
Currently there are two Richard Mille boutiques in Singapore – one at the Grand Hyatt Singapore in Scotts Road and the other at Marina Bay Sands.
Market watchers suggest D’League, whose majority shareholder is Indonesian businessman Nurdian Cuaca, is likely to open another watch showroom at the property it has bought.
The property – which is being sold by a company controlled by a Singaporean involved in several businesses including restaurants – is the sole commercial unit in St Martin’s Apartment.
Located at 1 St Martin’s Drive, the low-rise project also includes 16 apartments.
The commercial unit that D’League has bought has 42 per cent share value in the development, which means it will be key to any future collective sale of the development.
The project is on a site that is zoned “residential with commercial at first storey” under Master Plan 2019.
It has 1.4 plot ratio (ratio of maximum gross floor to land area).
Market watchers say that if D’League does open a Richard Mille outlet at 1 St Martin’s Drive, it would mark a return by the brand near a location where it once had a presence – in Nassim Road.
Much sought-after status symbols, Richard Mille watches retail from around S$120,000 to over S$2 million here.
The brand was founded in 2001 by Dominique Guenat and Richard Mille, and is based in Les Breuleux, Switzerland.
The sale of the commercial unit of St Martin’s Apartment was co-brokered by Simon Monteiro, who acted for the seller, when he was with Savills Singapore. He has since left the firm to join List Sotheby’s International Realty.
D’League is understood to have been represented by an agent from OrangeTee & Tie.
Mr Cuaca, who invests in properties in Sentosa Cove, was formerly married to Singaporean socialite Jamie Chua; she was a stewardess with Singapore Airlines when they met.
Adapted from Business Time 3 Apr 2020
