Cairnhill Heights, a luxurious 19-unit residential development well-located at Cairnhill Rise, is planned to be launched on 19th of December 2017 for en bloc sale tender, as stated by Business Times in their report.
This comes subsequently more than 90% of the owners have approved to the sale.
The respected owners are viewing at a sale price of over $80 million. All-encompassing of the development charge billed, the value works out to a land rate of $2,045 psf for each plot ratio.
The consultants believe that the inquiring price works out to a projected break-even price of amid $2,600 psf and $2,400 psf.
Situated close to the Mount Elizabeth Hospital and Orchard Road shopping belt, the freehold development was erected in the year 1990’s on a 15,408 square feet site. Under the Master Plan 2014, the spot is zoned for housing use and has 2.8 gross plot ratio.
The ERA Realty Network’s marketing agent exposed that the spot can be redeveloped up to a total of 47,455 square feet gross floor area, which reproduces a corresponding plot ratio of 3.08, bound by the support of the related authorities. It is stated that some development fee is allocated to maximize the 3.08 plot ratio probable.
“Cairnhill Heights is positioned in an established residential zone where there are not much redevelopment spots left,” said the ERA Realty Network’s group division director, Mr. Jeremy Rikas Chiu.
“The development could be reconstructed into an upscale 2-bedroom boutique residential development with around 42 units, expecting a regular apartment size of 1,100 square feet.”
This collective sales come at a good time as transactions and prices picked up in the core central region. Some of the Orchard new condo like Sophia Hills, Gramercy Park, Martin Modern all has reported healthy sales.