Cairnhill Nine launched with a strong interest

The priciest units at a residential launch of Cairnhill Nine have been pre-booked while the other units are attracting strong interest from buyers and investors.

About four of this development’s 8 penthouses are booked at prices of $5.8 million to $6.8 million. This consists of 2 duplex and 2 single-storey units.

This property is a 99-year leasehold project with 268 units was about 60% booked ahead before its official sales launch last March 12, 2016.

CapitaLand considered raising indicative prices that were about an average of $2,500 per square foot (psf). This translates that the starting prices of $1.35 million for a 592 sq ft 1-bedroom unit and $3.68 million for a 1,528 sq ft 4-bedroom unit.

Cairnhill Circle is two of twelve stacks at the project, are fully booked. The CapitaLand Singapore spokesman once said that it is premature to comment on the interest level collected during the VIP preview which started last February 27.

Interested buyers are from mainly Singaporeans that intend to occupy the unit or rent it out. There is also a strong foreigner interest especially most from Indonesians. According to CapitaLand, they planned to market the project in Hongkong and Indonesian cities such as of Solo and Surabaya.

For foreign investors or buyers, this project is considered the “dream location” especially from Indonesians given its proximity to the Orchard Road and to Paragon according to Edward Yap.

According to another real-estate agent, the strong demand so far could be due to the fact that there have not been any good launches along Orchard Road in the past 2 to 3 years because of all the cooling measures including the 15% Additional Buyer’s Stamp Duty for foreigners and that investors are given only one shot and they want to get the best.

GuocoLand overpaid a Martin Place site?

The residential site that GuocoLand secured at a state tender along Martin Place has key attributes that are a strong factor for any developer who’s planning a condo project.

But the winning bid of 595.1 million Singaporean dollars for a 1.6-hectare site was said to be overpaid. It translates to 1,239 Singaporean dollars psf ppr (per square foot per plot ratio); the highest unit land price for a residential site sold at a public tender since 2009.

The site can hold up to 450 residential units. It is situated at the corner of Martin Place and River Valley Close in District 9.

The site has a strategic location as it will only be a short walk to the future Great World MRT Station at the Thomson East Coast Line; one stop from the Orchard Station and five stops from Marina Bay Station.

However, this site will appeal to families that are seeking for schools for their children as it isn’t far from the popular River Valley Primary School. A part of this site has a 20-storey height restriction, while the rest of it can build up to 30-storey high.

They based those estimates from the sale evidence this year at Martin Place Residences and the Rivergate; the two freehold developments nearby, and also from the 99-year leasehold project at the Orchard Road shopping belt, Cairnhill Nine, that was sold last March faster than they expected.

URA (Urban Redevelopment Authority) specified a maximum 450 units for this site which will make the average unit size in GuocoLand’s project will be 1,067 square feet. This is smaller than the average unit sizes that have changed hands from both Martin Place Residences and Rivergate this year.