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Cairnhill Mansions, adjacent site up for sale at S$362m and S$115m respectively
CAIRNHILL Mansions in prime district 9 is launched for collective sale through a public tender with a guide price of S$362 million, while an adjacent freehold site of 19,800 sq ft is also launched in a separate tender with a guide price of S$115 million.
The combined land area of these two sites is more than 60,000 sq ft, said CBRE, the marketing agent for both tenders.
With a combined allowable gross floor area (GFA) of about 233,223 sq ft, these sites can accommodate up to 308 units with an average size of 70 sq m.
This marks a fifth attempt for Cairnhill Mansions, whose attempts at a collective sale failed in 2005, 2007, 2011 and 2014.
Cairnhill Mansions is an 18-storey block sitting on a car park podium, comprising 61 apartments. It sits on a freehold site with land area of about 43,103 sq ft. The maximum allowable GFA of the site is about 156,581 sq ft.
Including 10 per cent bonus balconies GFA, this will increase to 172,239 sq ft. Assuming an average size of 70 sq m, the site can accommodate up to 228 new apartments. There is no development charge payable for this site, so the land rate is estimated to be S$2,101 per square foot per plot ratio (psf ppr).
As for the adjacent site at 67 Cairnhill Road, it has on it an old house owned by an individual. The squarish elevated freehold site has an allowable plot ratio of 2.8 and a height restriction of up to 36 storeys. The guide price for 67 Cairnhill Road works out to S$2,225 psf including the 10 per cent bonus balcony GFA.
CBRE director of capital markets Galven Tan said that he expects developers to bid aggressively for both sites as this allows them planning flexibility and efficiency as well as economies of scale.
"We have received extremely keen interest from both local and foreign developers following the announcement of the launch of the forthcoming tender of Cairnhill Mansions a few weeks ago," he added.
"The total quantum of both sites is less than S$500 million, which makes it extremely palatable in the current market. This is a premium location with no comparable competing sites currently available. The new development will enjoy the first bite of the buyer pool."