Aerial view of Cairnhill Mansions at Cairnhill Road. (Photo: CBRE)
Singapore’s collective sales market continues to sizzle with the sale of Cairnhill Mansions and Riviera Point for $362 million and $72 million respectively, revealed marketing agent CBRE.
Nestled on a 43,103 sq ft site, Cairnhill Mansions was sold to Low Keng Huat (Singapore), which intends to redevelop the site into a 200-unit high-rise condominium.
“Cairnhill Mansions is the first residential development site to be sold in one of the most prime districts in Singapore during the current en bloc cycle. The transaction is testament to the superior locational attributes of the site and confidence in the luxury residential market,” said CBRE capital markets director Galven Tan.
Strategically located at 69 Cairnhill Road, the freehold site “enjoys the rarity of privacy and tranquility within one of the most prestigious districts in Singapore and yet is a stone’s throw on foot to the bustling Orchard Road”. Cairnhilll Mansions is also near Newton MRT station.
Riviera Point was sold to Macly Riveria, a fully-owned subsidiary of Macly Group, following three failed attempts at an en bloc sale in 2007, 2011 and 2013.
With an area of around 14,579 sq ft, the site is zoned for residential use under the 2014 Master Plan with a plot ratio of 2.8 and a height limit of 36 storeys. The verified existing gross floor area, however, is around 49,265 sq ft, which works out to a plot ratio of 3.379.
The site is less than 600m away from Great World MRT station (TE15) and a 10-minute walk to Somerset MRT station.
“Riviera Point, situated on an elevated plot and within a neighbourhood with abundant amenities, presents an excellent opportunity for the buyer to develop a high quality boutique development catered for young urbanites wanting to live within the cosmopolitan neighbourhood of River Valley and Robertson Quay,” said Tan.
CBRE noted that the high floor units of the proposed development will enjoy unblocked views towards Orchard and the Singapore skyline, while the lower floor units will overlook the Oxley area.