The 18-storey Cairnhill Mansions comprises 61 apartments. (Photo: CBRE)
The freehold Cairnhill Mansions project in District 9 will be launched for collective sale in a few weeks’ time, marketing agent CBRE revealed on Thursday (5 October).
The 61-unit project has a guide price of $362 million, which works out to $2,101 psf per plot ratio (psf ppr). There is no development charge payable.
More than 80 percent of the owners have signed the collective sale agreement, said CBRE.
Located at 69 Cairnhill Road, the approximately 43,103 sq ft site has a maximum allowable gross floor area (GFA) of 172,239 sq ft, including a 10 percent bonus GFA for balconies.
Cairnhill Mansions is surrounded by several luxury condominiums such as Ritz Carlton Residences and The Scotts Tower. It is also close to shopping malls and hotels along Orchard Road, as well as medical facilities such as Mount Elizabeth Hospital and Paragon Medical.
Another selling point is its proximity to Newton MRT station, which is the interchange station on the North-South and Downtown lines.
The site could be redeveloped into a high-rise condo offering unblocked city views, and could yield up to 140 units with an average size of 1,200 sq ft.
Galven Tan, director, capital markets at CBRE said: “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 $2,525 psf ppr.”
At the same time, developers are keen to replenish their land banks as unsold inventories have fallen below the historical average.
“We envisage strong interest from local and overseas developers given the site’s premium location and palatable deal size,” said Tan.