CapitaLand prices Cairnhill project 'to fit market conditions'
The 268-unit condominium is part of an integrated development that also includes a 220-unit Ascott serviced residence
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…
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