69 CAIRNHILL ROAD, CAIRNHILL MANSIONS

69 CAIRNHILL ROAD, CAIRNHILL MANSIONS

Freehold Prime District 9 Development Site to be Launched for Sale

Singapore, 5 October 2017 - CBRE is pleased to announce that more than 80% of owners at Cairnhill Mansions have signed the collective sale agreement. The site will be launched for sale via a Public Tender exercise in a few weeks’ time.

Strategically located at 69 Cairnhill Road, Cairnhill Mansions sits on a freehold site with land area of approximately 43,103 square feet. The maximum allowable Gross Floor Area (GFA) of the site is approximately 172,239 square feet, including a 10 per cent bonus GFA for balconies.

The guide price for Cairnhill Mansions is $362 million, which works out to $2101 per square foot per plot ratio. Subject to URA confirmation, there is no development charge payable.

Cairnhill Mansions is nestled within a tranquil enclave characterized by ultra-luxury high-rise residential developments like Ritz Carlton Residences and The Scotts Tower. While enjoying the rarity of privacy and tranquility within the most prestigious districts in Singapore, this exclusive site is merely a few minutes’ walk from a myriad of amenities including retail shops, F&B outlets and entertainment establishments at Orchard Road, Singapore’s world-renowned shopping belt. The proximity to shopping malls and hotels such as Paragon, ION Orchard, Ngee Ann City, Scotts Square and Goodwood Hotel is testament to the convenience of the location. Premier medical facilities such as Mount Elizabeth Hospital, Paragon Medical and prestigious clubs like Tanglin Club and American Club are all within a short walking distance. Some esteemed institutions in the vicinity are Anglo-Chinese Junior School, Singapore Chinese Girls’ School and Chatsworth International School (Orchard Campus).

Another selling point on the convenience of the location is its connectivity to the MRT stations.  Located approximately 400m from Newton MRT Station, which is the Interchange Station for the North-South Line and Downtown Line, the site is conveniently connected directly within 10 minutes to key precincts in the city centre including Marina Bay Financial District and Raffles Place Central Business District.

Cairnhill Mansions is an 18-storey block sitting on a car park podium, comprising 61 apartments.

The subject site will be able to capitalise on the potential 36-stoery height with an unblocked panoramic 360-degree view of Singapore’s skyline, featuring the lush greenery of Goodwood Hill, and the CBD skyline and beyond. With the allowable GFA of approximately 172,239 sq ft, the new development could accommodate up to 140 units with an average size of 1,200 sq ft.

Galven Tan, (陈威礽) Director, Capital Markets, CBRE said, “Cairnhill Mansions is the first prime freehold site to be offered in 2017. The last time a residential site of this size in the prime Orchard vicinity was sold was nearly 10 years ago when YTL bought Westwood Apartments for $2,525 ppr. This is currently the only opportunity for developers to pick up a Freehold site in the best district in Singapore.”

The momentum in the prime residential market has picked up over the past year, encouraged by recent strong sales in new launches such as Martin Modern and Gramercy Park. Developers are keen to replenish their land banks as unsold inventories have fallen below the historical average.

“Judging by the trigger of the land parcel at Jiak Kim Street and the market response to the site, it is clear that developers are keen to enter the high-end residential segment. Thus far, private land sale sites have been confined to the suburban areas of Singapore” Galven added. “We envisage strong interest from local and overseas developers given the site’s premium location and palatable deal size.”

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