Cairnhill Mansions development has been put up for collective sale. The site measures in at 43,103sq ft and will have a reserve price of around $2,308 per sq ft or a grand total of £361.5 million. However, the previous guide price, when the property was up for sale late in 2007, was far higher than this at a staggering $443.6 million.
The new owners will have a 2.8 plot ratio (ratio of maximum potential gross floor to land area) and a height limit of 36-stories to play with when they start a new construction. According to The Straits Times, analysts suggest that unit prices could be $3,000 to $3,100 per sq ft, in order for the buyers to break even. However, a new build could be priced at $3,500psf due to the area code.
Similar properties in the area have been sold recently, giving buyers a look into what the future for Cairnhill Mansions may be. Take the Ritz-Carlton Residences nearby for example. An apartment within the complex that measured 3,057 sold for $3,762psf back in February. A 2,734sq ft unit within Tomlinson Heights sold for $3,238psf, and another at Scotts Square, measuring 947sq ft, sold for $4,626psq – all according to caveats data.
The sale will close on May 31st and is being handled by property consultancy group CB Richard Ellis (CBRE). The group’s executive director of investment property, Jeremy Lake, said to The Straits Times that “the market has not seen an offering like Cairnhill Mansions for the best part of three years. This tender will also be a test of where land prices are for super luxury sites.”
The current residents of Cairnhill Mansions stand to gain around $5.7million each, whilst the one penthouse owner could get $15.5million if the sale reaches the reserve price.
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