Home owners at freehold condominium Cairnhill Mansions are looking to ride the wave of collective sales as they gear up for their fifth attempt at selling their estate, according to local news media.
The estate in Cairnhill Road consists of a 61-apartment complex with a maximum gross floor area of about 172,240 sq ft, yielding potentially 140 new units in the redevelopment.
At a guide price of $362 million the owners are seeking a higher rate than their last bid in 2011 — translating to $5.7 million each, or about $2,800 per sq ft (psf). Similar projects nearby have sold at between $1,700 psf and $4,000 psf for the past few months.
The estate’s prime address is expected to carry a premium. Not too far away at the former Zouk club address in River Valley area, a developer committed to bid at least $689.4 million for the government reserve site, triggering an URA land sale tender. https://www.ura.gov.sg/uol/media-room/news/2017/Sep/pr17-62
The Jiak Kim Street site can accommodate 525 apartments in a development up to 36 storeys, with ground floor commercial use.