Enbloc News 2: Cairnhill Mansions

By The Folks @PropTalk - April 11, 2011 No Comments

And in the Business Times today, Cairnhill Mansions – a plum District 9 freehold residential development plot – has been put up for collective sale.

The reserve price for the 43,103sqft site is $361.5 million or about $2,308psf ppr. This is lower than the guide price of $443.6 million, which would have worked out to about $2,833psf ppr for the property in an earlier en bloc sale attempt in late 2007/early 2008.

No development charge is payable for Cairnhill Mansions, which is zoned for residential use with 2.8 plot ratio and 36-storey maximum height under Master Plan 2008. The new owner of the site can build up to Cairnhill Mansions’ existing gross floor area of 156,581sqft, which reflects a plot ratio of 3.6327.

Analysts estimate that based on the $2,308psf ppr reserve price for Cairnhill Mansions, the breakeven cost for a new project on the site could be about $3,000 to $3,100psf.

A new project in the location could sell at an average price of about $3,500psf if it were to be launched today, reckon property consultants.

In February, a 3,057sqft apartment at the nearby Ritz-Carlton Residences sold for $3,762psf, while a larger unit of 6,501sqft in the same project fetched $4,307psf. At Tomlinson Heights, a 2,734sqft unit sold for $3,238psf and at Scotts Square, a 947sqft apartment achieved $4,626psf in the same month, according to caveats data.

The highest price paid for freehold residential land in Singapore was $2,525psf ppr for the collective sale of Westwood Apartments at Orchard Boulevard, inked in November 2007.

CB Richard Ellis is handling the tender for Cairnhill Mansions’ collective sale, which closes on May 31.

Cairnhill Mansions, which is 40 years old, comprises 60 apartments of about 2,024sqft each, and a penthouse of 8,525sqft. Owners of the apartments should pocket about $5.7 million each while the penthouse owner will receive around $15.1 million, based on the reserve price.


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