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.