Located near Orchard Road, Grange Heights is making a second attempt at a collective sale. (Photo: Colliers International)
Undeterred by the government’s property cooling measures, two freehold condos in District 9 near the Orchard Road shopping district are making another try at an en bloc sale.
Grange Heights along St. Thomas Walk is being offered for sale for $820 million, while Cairnhill Astoria in Cairnhill Rise is priced at $196 million, revealed Colliers International.
After factoring in the 10 percent bonus balcony gross floor area (GFA), the reserve price for Grange Heights translates to a land rate of $1,948 psf per plot ratio (psf ppr). No development charge is payable for the approximately 136,676 sq ft site.
This is the second attempt by the owners of Grange Heights at a collective sale.
Depending on the size of their property, each owner stands to receive between $2.35 million and $10.762 million from the development’s successful sale.
For Cairnhill Rise, the $196 million reserve price – which was unchanged from its original tender price when it entered the market on 17 May – works out to a land rate of $1,933 psf ppr, after taking into account the 10 percent bonus balcony area and a development charge of about $33.903 million.
If the sale proves to be a success, each owner could receive between $2.275 million and $14.261 million, depending on the size of their property.
Colliers noted that Grange Heights could be redeveloped to yield 388 new units averaging 1,033 sq ft each, while Cairnhill Astoria could offer about 150 new units averaging 753 sq ft, subject to the approval of relevant authorities.
“The development is ageing and the owners are keen to sell the property,” said Paul Kwek, vice-chairman of the Cairnhill Astoria collective sale committee.
“We understand that the environment has become a lot more uncertain following the introduction of new cooling measures in July. The owners are mindful of the cautious market sentiment and may be more realistic in their pricing expectation.”
The tender exercises for Cairnhill Astoria and Grange Heights will close on 17 October and 29 October respectively.