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Cairnhill Mansions to be launched for en bloc sale for S$362m
CAIRNHILL Mansions, a freehold development in prime district 9, will be launched for collective sale in the next few weeks with an asking price of S$362 million.
More than 80 per cent of owners have signed the collective sale agreement, joining the hot spate of en bloc launches this year.
Their asking price works out to S$2,101 per square foot per plot ratio (psf ppr), said its sole marketing agent CBRE. Subject to URA confirmation, there is no development charge payable.
This marked the fifth en bloc attempt for the property - an 18-storey block sitting on a car park podium and comprising 61 apartments.
Strategically located at 69 Cairnhill Road, it sits on a freehold site with land area of about 43,103 sq ft. The maximum allowable gross floor area (GFA) of the site works out to 172,239 square feet if a 10 per cent bonus GFA for balconies is included.
With the allowable GFA, the new development could accommodate up to 140 units with an average size of 1,200 sq ft.
Its key selling point is said to be its location. While enjoying privacy and tranquility within a prestigious district, this exclusive site is a few minutes' walk from amenities including retail shops, F&B outlets and entertainment establishments at the Orchard Road shopping belt.
It is also some 400 metres from Newton MRT Station, which is the interchange station for the North-South Line and Downtown Line.
CBRE director of capital markets Galven Tan noted that Cairnhill Mansions is the first prime freehold site to be offered in 2017.
The last time a residential site of this size in the prime Orchard vicinity was sold was nearly 10 years ago when YTL bought Westwood Apartments for S$2,525 psf ppr.
"The momentum in the prime residential market has picked up over the past year, encouraged by recent strong sales in new launches such as Martin Modern and Gramercy Park," he added.
"Developers are keen to replenish their land banks as unsold inventories have fallen below the historical average. Judging by the trigger of the land parcel at Jiak Kim Street and the market response to the site, it is clear that developers are keen to enter the high-end residential segment."
The Jiak Kim Street site was triggered for sale by public tender, after the Urban Redevelopment Authority received an application from a developer, who committed to bid at a price of not less than S$689.35 million in the tender.