District 10 and now to district 9, more older private condominium developments in the prime district are going en bloc.
2 prime district 9 sold in collective sales before the lunar new year
Just before the lunary new year, 2 prime district condominiums were sold en bloc.
The first was Cairnhill Mansions on Cairnhill road. It is fifth time lucky for this 18-storey condominium block which was sold to Singapore-listed property developer Low Keng Huat for $362 million. It currently holds 61 apartments on a 43,103 sq ft piece of land.
The developer has plans to build a new 200-unit high-rise private condo establishment. With a gross floor area of 49,265 sq ft, it has a plot ratio of 3.379.
The second collective sale was of the 14,579 sq ft Riveria Point. This was the condominium’s fourth attempt at selling en bloc. Singapore property developer, Macly Group bought the site for $72 million.
Location was key to both sites’ sales
For both sites, location was the winning factor. They are both situated near an MRT station or an upcoming one, and are conveniently located close to the Orchard road shopping belt. Cairnhill Mansions is near the Newton MRT station while Riveria Point is near the upcoming Great World City MRT station.
District 9 are favoured by young professionals and expatriates, thus the potential for the new developments on these 2 sites are sizeable. The Riveria Point site has a good view of both Kim Yam road and River Valley road.
The developers say the potential new project will have unblocked views of Orchard Road, the Singapore skyline and the Oxley area.