CapitaLand prices Cairnhill project 'to fit market conditions'

Singapore

AN integrated development by CapitaLand, comprising a residential tower and an Ascott serviced residence, will soon come up at the site of Somerset Grand Cairnhill opposite Paragon along Orchard Road. Both will be completed in end-2016.

At a showflat viewing, CapitaLand Singapore CEO Wen Khai Meng said the residential project has been designed to fit the current market conditions.

With prices at Cairnhill Nine averaging S$2,500 per square foot (psf) and just under 90 per cent of its units priced at S$3 million and below, he said: "We thought this quantum is very affordable, particularly for the Orchard Road area."

Loan curbs have made it difficult to borrow beyond certain limits, so low price quantums have become a draw with buyers. The same rationale goes for the increasingly high proportion of small units in devel…