Cairnhill Heights, a 19-unit residential development at Cairnhill Rise, is set to be launched for en bloc sale tender on 19 December, reported Business Times.
This comes after over 90 percent of the owners have agreed to the sale.
The owners are looking at a sale price of more than $80 million. Inclusive of the development charge payable, the price works out to a land rate of $2,045 psf per plot ratio.
Consultants believe that the asking price works out to an estimated break-even price of between $2,400 psf and $2,600 psf.
Located near the Orchard Road shopping belt and Mount Elizabeth Hospital, the freehold development was built in the 1990s on a 15,408 sq ft site. Under the 2014 Master Plan, the site is zoned for residential use and has a gross plot ratio of 2.8.
Marketing agent ERA Realty Network revealed that the site could be redeveloped up to a gross floor area of 47,455 sq ft, which reflects an equivalent plot ratio of 3.08, subject to the approval of the relevant authorities. It noted that some development charge is payable to maximise the 3.08 plot ratio potential.
“Cairnhill Heights is located in a mature residential precinct where there are not many redevelopment sites left,” said Jeremy Rikas Chiu, group division director at ERA Realty Network.
“The development can be rebuilt into an upscale two-bedroom boutique residential project with approximately 42 units, assuming an average apartment size of 1,100 sq ft.”
This article was edited by Keshia Faculin.